A Hong Kong-based company with plans to develop an Atlantis-themed resort along with two other big hotel and residential projects in West Oahu has been trying to sell all three properties to address financial difficulties.

The effort by China Oceanwide Holdings Ltd. raises uncertainty over whether the three projects, which involve three hotels and potentially 3,000 residences on 550 acres of land at Ko Olina and the neighboring West Kapolei area, will be built as envisioned, and if so then when and by whom.

Of the three projects, the estimated $1.5 billion Atlantis resort has garnered the most public attention with its promotion as a future landmark featuring 1,324 guest rooms and luxury apartments, an aquarium, a water park, spas, restaurants, bars and other elements on 26 acres next to Disney’s Aulani Resort fronting man-made beach lagoons at Ko Olina Resort &Marina.

Oceanwide also planned to develop two luxury hotels and a luxury condominium on a nearby 17-acre beachfront site at Ko Olina, plus a master-planned community on 514 acres of land immediately east of Ko Olina known as Kapolei West and approved for up to 2,500 homes, a golf course, commercial uses and other things.

The company, which has public stockholders, disclosed in a financial report last month that a potential sale of all three Hawaii properties at the end of June fell through after no final agreement on key terms could be reached with an unidentified buyer following a tentative agreement signed March 30.

Oceanwide also said in the same Aug. 25 filing that it was negotiating the potential sale of 17 acres of land in Kapolei. The filing did not otherwise describe the property, though Ko Olina is part of Kapolei.

An Oceanwide representative could not be reached for comment.

According to the company’s financial report, the Hawaii real estate sale efforts stem from a need to raise cash so Oceanwide can addresses issues with debt and resume construction on a more than $1 billion stalled high-rise project in Los Angeles.

Mike Hamasu, director of research and consulting for local commercial real estate firm Colliers International, said it generally isn’t a good time to sell resort property in Hawaii given the corona­virus­-triggered downturn in tourism and an uncertain full recovery for the industry that some economists pro­ject will take a few years.

Yet Hamasu also said there are many well-capitalized investment firms looking for discounted property, especially distressed real estate available at fire-sale prices.

“You have a lot of capital in the market looking for opportunities,” he said.

A deal for Oceanwide’s Hawaii real estate, Hamasu added, might just depend on what price the company is willing to accept.

“I don’t know how challenged Oceanwide is,” he said.

Oceanwide indicated in its recent financial report that there could be significant doubt about its ability to sustain itself, though its controlling shareholder, a conglomerate based in China, has pledged to cover a considerable amount of the company’s near-term debt.

Oceanwide entered the Hawaii market in 2015 as part of a then-newly adopted overseas real estate development strategy that resulted in the West Oahu acquisitions along with property in Los Angeles, New York City and Indonesia.

The smaller Ko Olina site was bought for $200 million in 2015. A year later the company bought the larger Ko Olina site for $280 million and then the Kapolei West land for $100 million.

Oceanwide said in its recent filing that to date it has invested about $650 million in the three properties.

Development for all three sites is still under “preliminary planning,” the filing said.