A Beijing spokesman told Bloomberg its LA Plaza project is still under construction and that the company still has access to development loans. Oceanwide Plaza is a new $1-billion-dollar mixed-use development on the rise in Downtown Los Angeles. DCBID trumpeted that market-rate apartments in the LA downtown core increased 10-fold over the last two decades, from 2,426 to 27,616 at the start of this year’s third quarter. Due to the domestic focus, “Chinese direct investment in the U.S. real estate and hospitality sectors plummeted to $377 million last year from a high of $17.3 billion in 2016.”. Oceanwide Plaza Construction Project in Los Angeles Attached to 3 of the 5 Largest Liens. Oceanwide Holdings is the owner and developer. We use cookies to understand how you use our site and to improve your experience. Beijing-based Oceanwide Holdings’ $1 billion trophy development across from the world famous Staples Center in Los Angeles has shut down due to a barrage of lawsuits by unpaid contractors. Los Angeles, CA. In the heart of downtown Los Angeles, Beaubois is contributing to the development of these three impressive towers. The development plan also features a fabulous 850-foot LED screen tower wrapping and a two-acre sky park with bars and infinity pools facing Staples Center. The investigation is ongoing, and Oceanwide indicated that its project delay was caused by financial issues. Oceanwide Plaza CEO Thomas Feng has put the project on hold. Oceanwide has been trying to secure a U.S.-based construction loan to finish the framed and half-completed project. [28] [29] In mid-2014, Oceanwide Holdings planned to raise US$720 million to develop the L.A. project. Other Chinese real estate developers in Los Angeles receiving subpoenas included Shenzhen New World Group that owns the downtown Los Angeles Marriott and the Sheraton Universal hotels, and Shanghai-based Greenland USA that owns the Metropolis Los Angeles and Atlantic Yards in New York. Chinese conglomerate Oceanwide Holdings appears to be looking for a swift exit from some of the largest real estate markets in the U.S. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Use. Oceanwide appears to be having a liquidity crunch domestically, as well as in its US projects, where it has invested in real estate deals in Hawaii, San Francisco and New York, as well as Los Angeles. [30] Downtown Investment LP, the provider of the EB-5 development funds, only loaned approximately $137 million to Oceanwide. 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.. 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. Situated right across the street from the Los Angeles Convention Center, Staples Center and the Microsoft Theater, Oceanwide Plaza is anticipated to provide unique shopping and dining experiences in the heart of downtown. However, the project is one of several Los Angeles investments by Chinese developers that could be influenced by an ongoing corruption probe. In a research note published on January 22nd, credit rating agency S&P Global Ratings noted that Oceanwide has $400 million in senior notes coming due in May of this year. “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. Qualcomm Building N. Qualcomm Building WT. 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. Learn how your comment data is processed. The Residences at Oceanwide Plaza set a new standard in exceptional residential design. Construction at the developer's Los Angeles project, the $1 billion Oceanwide Plaza, has been stalled since early 2019, shutting down under a cloud … The Los Angeles project stopped construction in January, but is now back underway. Asia Proptech 2021: COVID-19 Accelerates a Trend, Panel Talk: Tech Adoption in Logistics Real Estate, Promote Your Brand with the Mingtiandi Proptech Forum 2021. Besides a true luxury experience, the multi-functional building will host condos and the Park Hyatt Hotel, as well as various shops and restaurants. ... Oceanwide Plaza. On January 28 I was asked to bid on an appraisal of Oceanwide Plaza being built across from Staples Center, a leading sports and concert venue in Los Angeles. The FBI probe, which did not allege wrongdoing by Oceanwide or any of the other developers, was looking into the possibility of bribery, kickbacks, extortion, and money laundering related to approvals granted to the Chinese developers for real estate projects in California’s largest city. Still under construction and that the company still has access to development loans secure payment for the long-stalled $ billion! Angeles investments by Chinese developers that could be influenced by an ongoing probe. 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