As of September of 2018 the company has RMB 130 billion in total debt, with more than RMB 50 billion maturing within 12 months. Qualcomm Building N. Qualcomm Building WT. But its major Chinese investors HNA, Fosun International, and Dalian Wanda Group have all been trying to dump assets. “In an effort to prioritize construction activity, and while we restructure capital for the project, interior construction at Oceanwide Plaza is temporarily on hold,” Oceanwide said in a statement cited by the LA Times. Last year, Dalian Wanda sold its … Located in downtown Los Angeles’ bustling South Park neighborhood just steps from L.A. LIVE, the mixed-use development will offer an entirely new, unsurpassed lifestyle experience. Unbridled Evil: The Corrupt Reign of Jiang Zemin in China, Chinese Gang’s Scheme to Launder Drug Money Through Real Estate in Canada, bribery, extortion, money laundering, and conspiracy. (Frederic J Brown/AFP via Getty Images), Chinese City Issues Travel Ban as CCP Virus Outbreak Worsens, Chinese Court Rules That Amazon’s Cloud Service Violated Copyright, Bans It From Using Logo, Supreme Court Rejects Gohmert Lawsuit Over Counting Electoral Votes, National Guard Troops to Remain in DC Through End of January, Pelosi Suggests Impeachment If Pence, Cabinet Doesn’t Remove Trump With 25th Amendment, Transportation Secretary Elaine Chao Resigns Cabinet Post, Beijing Developer’s $1 Billion Los Angeles Trophy Project Shuts Down. However, the project is one of several Los Angeles investments by Chinese developers that could be influenced by an ongoing corruption probe. He also regularly provides strategy lectures to graduate students at top Southern California universities. Oceanwide Plaza Press Articles: Luxury in No Man's Land, Luxury Amenities Drive Premium Residential Sales, Beyond the Basics: 5 Residential Projects with Standout Amenities The Oceanwide Plaza strategically faces the Staples Center that is rated the sixth “Most-Instagrammed Place in the World” for hosting over 50 mostly sold-out rock concerts, in between hosting NBA Lakers, NBA Clippers and NHL’s Kings home games. Learn how your comment data is processed. But with another 3,296 rental units under construction, the LA Weekly reported rents fell slightly in September to $2,665 per unit. [28] [29] In mid-2014, Oceanwide Holdings planned to raise US$720 million to develop the L.A. project. Several Downtown Investment executives were sued in 2017 by the U.S. Securities and Exchange Commission for allegedly defrauding EB-5 investors in another project. In January, work stopped on the $1 billion Oceanwide Plaza project next to L.A. Live and the Los Angeles Convention Center. Oceanwide Holdings is the owner and developer. 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 49-story north tower, will consist of 164 luxury condominiums and a five-star, 183 room hotel. Construction on Oceanwide Plaza, one of the biggest real estate development projects in downtown Los Angeles, has stalled in what may be a shortfall in financing from the project… Whereas for decades the city’s historic core had been a ghost town at night -- … [30] Meanwhile, Lendlease is still trying to secure payment for the long-stalled $1 billion Oceanwide mixed-use project in downtown Los Angeles. The downtowns’ first decline since 2011 was blamed on a 12 percent rental vacancy rate and a looming new supply from Oceanwide and the other Chinese developers with projects at various stages of completion. Developer China Oceanwide Holdings has halted construction on a $1 billion mixed-use project in Los Angeles that was previously scheduled to be completed this year, according to an account in the Los Angeles Times, citing a statement by the Beijing-based developer. Oceanwide’s China spokesman declined to make any response to Bloomberg’s inquiries regarding EB-5 investor issues. Developer Oceanwide … 7083 Hollywood Blvd, 2nd Floor, Los Angeles, CA 90028 Phone: 212-260-1332 We use cookies on our website to give you the most relevant experience by remembering your … Pedestrians cross a street in Los Angeles on January 25, 2019, near the unfinished Oceanwide Plaza, one of the biggest real estate development projects in downtown LA, where construction has stalled. He has served as CEO of several companies and is an active writer with more than 1,500 publications. 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