OceanWide Plaza to Evergrande: China Crash Infects Los Angeles Real Estate and U.S. Stock Market

OceanWide Plaza Downtown Los Angeles zombie project remains in purgatory

REAL ESTATE NEWS

The Wu Flu isn’t the only alien virus making us ill. Contagion from communist China’s property market collapse is making made U.S. property markets sick.

Fallen giant Evergrande has been called the “Leman Brothers of China,” referring to the collapse of a business that is too big to fail, yet allowed to fail anyway. Communist China is having an economic meltdown, starting with massive crash of China’s fake, ghost city real estate industry, tofu-dreg buildings that collapse or topple over, along with China’s other communist-style national ponzi schemes, long papered over by cooked books. Evergrande, Fantasia and Kaisa are the first three large losers in China’s real estate collapse.. Communist mainland China has been infecting U.S. real estate for some time. China-controlled OceanWide Plaza in Downtown Los Angeles has been too broke to pay its bills for years. The project has been on again since it began, and began sputtering down in 2016. Today, it sits half-built, and decaying amid growing weeds.

While Downtown Los Angeles real estate prices are now rising, the entire U.S. housing market is increasingly phony, propped up by inflation. The real health or lack thereof must be gauged by examining a broader spectrum of signs, such as the declining health of real estate companies a compared a few years ago. Zillow is experiencing a zombie-like sickness of its own, which some blame on the companies overzealous and backwards attempt to be an ibuyer flipper and broker in one, when the tech company could have invested in newer technology instead. While Zillow did make a mistake by investing in low tech instead of researching and integrating new high tech such as AI, deep learning, quantum computers and blockchain smart contracts, Zillows rapid blunder was greatly exacerbated by the obscured cooling of global real estate amid a new era of stagflation.

Investors Sell Off Chinese Real Estate

Business Markets Evergrande China

China Real Estate Evergrande Group

Why China’s Real Estate Crackdown is Alarming Investors

Asian shares extend losses as China worries darken sentiment

Understanding Evergrande, the Chinese Real Estate Conglomerate Nearing Collapse

Evergrande collapse could have a ‘domino effect’ on China’s property sector

Chinese Real Estate Company Could Default $300B; What It Means for World Economy

China’s Property Problems Beyond Evergrande. Real Estate Stocks Take Beating

The loft blog expects a lackluster real estate market for years to come, with continuing reliance on inflation to provide only an illusion of real growth. The good news is that January of 22 is expected to offer at least a glimmer of hope to the city of angels, with the possibly of real growth if the city focuses on cleaning up its act.

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Mainland China’s Communist Ills Infect Global Real Estate

Disney Concert Hall Welcomes The Grand created by Frank Gehry 100 S Grand Avenue, Los Angeles 90012

The Grand brings jobs and housing to the

The Grand, a new mixed-use development at the core of DTLA’s landmark cultural scene designed byFrank Gehry.

The Grand’s residential tower will rise 39-stories high with 400 luxury residences, of which 20% will be affordable rate residences. A 20-story, 309 room luxury hotel will flank the residential tower and include 12,000 square feet of meeting rooms and facilities, ballrooms, and 27,000 square feet of restaurants, lounges, and outdoor amenities.  Between the two towers will be a large, vibrant public plaza with open terraces that plays host to outdoor music and art, accessible to all visitors. 

The Grand is a significant part, a $1 billion project designed by world-renowned architect Frank Gehry. It will stand directly across the street from Gehry’s Walt Disney Concert Hall. A Conrad Hotel official tells Eyewitness News the new resort will be an essential addition to Los Angeles’ cultural epicenter. This project will be ready to welcome visitors and locals back to downtown as the Covid-19 pandemic ends.

LA Grand will be a twenty-four-hour destination, where people dine, stay, and visit. The Grand is a 1.6 million square foot residential, retail, and hotel development home to more than 430 apartments, 26 retail stores, and a comprehensive collection of places to eat and drink. Fantastically curated retail stores, chef-driven restaurant concepts, of course, the hospitality of the Conrad Hotel. The Grand has the potential to make Grand Avenue the cultural beacon for a city without a center.

The bars, restaurants, and stores are just a portion of what The Grand has to offer, but what is sure to capture anyone’s attention will be views – and they are stunning. It’s all about orienting the visitor to where they are. First, there is the Walt Disney Concert Hall in front of you. Then, to the left is the City Hall building. So anybody arriving at the hotel and coming out to this pool deck is going to know you’re in Downtown L.A.

The Conrad Hotel and apartments are expected to open in early 2022, while retail shops and restaurants will be added later in the year. #newapartments #dtla

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The Grand is possibly the beacon DTLA needs to focus on growing out of the current slump.

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.