Los Angeles Real Estate Market Haunted by China’s Ghost Economy – OceanWide Plaza Poisoned by Economy Plunge

The shocking collapse of the Chinese real estate market casts a long dark shadow. Currencies begin to die.

When playing word association with China’s economy, two terms that do not come to mind, and absolutely should not, are rock solid and sustainable. Instead, it’s more like paper mache and Ponzi schemes. Known for enormous ghosts cities and toppling, shoddy tofu-dreg construction, communist-controlled mainland spreads its sprawling, zombie-like tentacles in a ghoulish, global grab. As the oriental house of cards crumbles, Los Angeles is left with the remnants of a Gòngchǎn zhǔyì zhōngguó rén style ghost building, lurking in an already spooked DTLA real estate market.

You might think our housing market here in the states is wild. However, nothing matches China’s impending catastrophe. Not only have real estate prices been soaring, but real estate makes up nearly 30% of GDP, compared with 19% for the U.S. in its housing bubble. Worse, housing makes up 78% of Chinese assets, compared with 35% for the U.S. One commentator pointed out that the Chinese tried to have a stock market, but it collapsed under the same issues that threatened their housing bubble. For lack of western-style needs, people in China invest all their eggs in one basket, real estate.

The dominos are starting to fall. Several top 100 real estate companies in China are beginning to default on their loans. Even Evergrande, a leading ten real estate class company, is stumbling in a spiral of collapse.

The shadow spreads to building projects like Oceanwide Plaza in Los Angeles and Oceanwide Center in San Francisco. Weeds flourish on the languishing construction sites. Are we looking at a grande monument or graveyard? On the precipice, will these flat-lined behemoths be miraculously revived, or will they decay into mere remnants of what could have been? The wisest of investors remind us that blood on the streets can be a beautiful thing. Where there is confusion and fear, there is potential for profit as scurrying cowards leave heaping wads of money on the table. These U.S. projects have real merit and value for the right investors to pick up.

Back in China, only the government can sell property from local cities to the national government. There is money to be made, and land prices have steadily increased over the last 20 years. Speculators have never seen a down market for decades. In a country where salaries are around $12,000 a year, small apartments sell for 1 million. Not even a real apartment, but only the promise of a flat that has not even been built yet. Whole generations of families are pooling all their resources on speculation that is about to crash on a massive scale. Bankruptcy business closure, unemployment, debt default, western banks dropping support for Chinese bonds valued in dollars will put the final nail in the stock market purge of Chinese assets. Economists and billionaires agree that the end is nigh for the Renimbi and the dollar, as the frightening specter of runaway inflation, out-of-control exchange rates, deadly currency devaluations, and perhaps even apocalyptic global economic collapse loom. | COMMENT #Evergrande #ponzisceme

Fill out the online form to see the top ten investment opportunities in Los Angeles.

LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]

  Lofts For Sale     Map Homes For Sale Los Angeles

SEARCH LOFTS FOR SALE Affordable | PopularLuxury
Browse by   Building   |   Neighborhood   |   Size   |   Bedrooms   |   Pets   |   Parking

Ocean of dread: Scary real estate schemes run from China all the way to South Park.

Copyright © This free information provided courtesy L.A. Loft Blog with the information provided by Corey Chambers, Realty Source Inc, DRE 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 LALoftBlog.com, Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties are subject to prior sale or rental. This is not a solicitation if the buyer or seller is already under contract with another broker.

Criminal Mind Drew Donovan Skilled Con Man on the Loose — Los Angeles, CA to Knoxville, TN

Drew Christian Donovan AKA Christian Andrews – Described as a highly-skilled con-artist

REAL ESTATE NEWS

SPECIAL UPDATE: DREW DONOVAN DEAD ( reported 5/24/2022)


DONOVAN REPORTED SCAMMING INDIVIDUALS AND BUSINESSES AROUND KNOXVILLE, TN

To real estate professionals and anyone involved in a real estate transactions: Beware of con men like Drew Donovan once known as convicted felon Jimmy Wayne Jackson. The purchase and sale of a loft, condo or house has some risks that a criminal may spy the opportunity to take advantage of. When working with an agent, broker or philanthropist, make sure they are who they claim to be. Agents themselves can be the target of a scam. The con man will use the credibility of an unsuspecting real estate professional to get the confidence of a victim, he will also use the aura of hotels and banks to give an essence of credibility. It could end up costing you more than just money. | MORE

Know who you are working with and who they are bringing into your real estate transaction. Be proactive, and ask questions to ensure you are not being taken advantage of in this emotionally charged situation. Prolific con artist Drew Christian Donovan has recently been spotted in Knoxville, TN. The state of California apparently became too hot for Donovan after years of hammering by the Loft Blog and its readers. Little does Donovan know that the Loft Blog today reaches the south just as quickly as it reaches Los Angeles.

To Knoxville hotels, real estate professionals, banks and the general public:
We have just received an anonymous tip that one of the most prolific con artists of Los Angeles has just been spotted in Knoxville, TN.  Highly skilled in the art of the con, Drew Donovan has made off with millions of dollars from hundreds of ordinary people all over California and nationwide.  Hotels, banks and real estate agents should be on the lookout, as Donovan has been known to use them in his confidence scams. He also uses technology to print fake checks, fake payments, fake phone calls, fake texts, etc.
Donovan’s scheme usually involves requesting financial help in exchange for thousands or millions of dollars from his phony inheritance. In addition, he is suspected of drug-related rapes of young men and kidnapping of a mother.  An ounce of prevention is worth a pound of cure.
Details: https://www.laloftblog.com/?s=donovan

If you receive any information on criminal activity by Drew Donovan, please report it to your local police and notify the L.A. Loft Blog fraud department fraud@laloftblog.com
Thank you.

#DrewDonovan #Criminalminds

Leave a comment here

Ten questions to ask your agent, Fill out the online form.

LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]

  Lofts For Sale     Map Homes For Sale Los Angeles

SEARCH LOFTS FOR SALE Affordable | PopularLuxury
Browse by   Building   |   Neighborhood   |   Size   |   Bedrooms   |   Pets   |   Parking

Donovan/Andrews/Jackson taken off the street thanks to the L.A. Loft Blog readers and San Diego Police.
Donovan/Andrews/Jackson was taken off the street several times, but now he is out of jail again

Copyright © This free information provided courtesy L.A. Loft Blog with the information provided by Corey Chambers, Realty Source Inc, DRE 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 LALoftBlog.com  Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties are subject to prior sale or rental. This is not a solicitation if the buyer or seller is already under contract with another broker.