DTLA’s hotel, condo and shopping megaproject remains in limbo, taking after mainland China’s tradition of ghost cities, enormous real estate construction sites that sit abandoned. Once holding promise as a ideal addition to LA’s urban center, OceanWide sits today as what appears to be a type of mini ghost city of its own. Only a few security guards have been spotted on the property recently. #oceanwide #plaza #dtla
In January, the developer wrote off a $267 million loss. With more than $100 million in construction debt, amid virus hysteria and the Greater Depression of 2020, the developer has been seeking a buyer to take over the project to no avail. There’s no telling how much worse things could get as commercial real estate is facing financial devastation, while urban residential real estate also plummets. The median DTLA home price dropped by $33,000 in September compared to the same time last year.
China is definitely out, and not just local real estate. Chinese families also now avoid California universities as coronavirus, strained ties scare middle-class families.
Four out of five affluent China parents with children studying foreign curriculums and taking foreign examinations say they have postponed plans to send kids abroad, according to the South China Morning Post. Concerns mount among wealthy and middle-class mainland Chinese after the US recently revoked more than 1,000 visas of graduate students and research scholars. Mainland China’s communist regime pins its hopes on increasing internal consumption, but travel, retail sales and consumption remain relatively low in mainland China during its hushed recession.
China Digital Times and Associated Press reports that China is still struggling, with its own mainland real estate and political mess. A major mainland real estate developer was recently sentenced to 18 years in prison, convicted of corruption after daring to criticize the communist party’s extreme censorship and its mishandling of the virus pandemic.
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Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Realty Source Inc, BRE 01889449, MPR Funding Inc NMLS 2000513. We are not associated with the seller, 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.