After financial struggle to build the Downtown plaza megaproject, OceanWide calls it quits #realestate #news #losangeles #china
REAL ESTATE NEWS
Downtown Los Angeles has gained substantially by China citizens moving their money into L.A. real estate. That has been changing recently as China begins to go broke, enacting policies of capital controls preventing cash from leaving China for the U.S. China’s economic growth rate just hit a 30-year low as China’s exports are in free-fall. Because China cooks its books so thoroughly, the most accurate assessment of China is its foreign transactions. More accurate books are held by foreign nations that do business with China. Those books show that China’s actual growth is only 1/3 as much as the communist government claims. Even more accurate measurement of China is derived by looking at how it is paying its foreign bills. Last year, we learned that the China-based developers of Downtown’s huge OceanWide Plaza complex were late in paying builder Lendlease, which had to sue OceanWide in court. This week, the LA Loft Blog has learned that OceanWide plaza has been quietly put up for sale because OceanWide has been unable to raise the cash to complete the project.
Chinese conglomerate Oceanwide Holdings appears to be looking for a swift exit from some of the largest real estate markets in the U.S.
The Beijing developer is now trying to sell a portfolio of U.S. projects that includes Oceanwide Center in San Francisco and Oceanwide Plaza in Los Angeles. The report comes approximately eight months after it reportedly resumed construction on its once-stalled, $1B LA megadevelopment, which paused work amid financing issues. Australian multinational Lendlease is the general contractor for the LA project. It turned out that the resumed construction reports were not quite true. The project has been stalled for most of 2018 and 2019. More at
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Copyright © This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE#01889449 We are not associated with the homeowner’s association or developer. For more information, contact (213) 880-9910 or visit LAcondoInfo.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.