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Court auctions shares of China Oceanwide Holdings' listed unit

Sale to cover failed loan payments by indebted real estate developer

Chinese real estate developer Oceanwide Holdings faces major shareholding changes after part of its equity was put up for judicial sale by its indebted controlling shareholder.

A total of 294 million shares in Oceanwide Holdings were auctioned between Monday and Tuesday, records from a judicial auction platform run by Alibaba Group showed. The equity -- originally held by main shareholder China Oceanwide Holdings Group -- accounted for 3.39% of Oceanwide Holdings.

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