FBI Probe: China’s Oceanwide Holdings Pauses LA Real Estate Project
Oceanwide Holdings Company Limited, a Chinese conglomerate that is owned by Beijing-based China Oceanwide Holdings Group Company Limited, has just put the brakes on its new development in Downtown Los Angeles, Oceanwide Plaza.
Oceanwide Plaza was intended to sport a condominium, a hotel, and a shopping center.
The cost of the combined project is over US$ 1 billion.
While it was scheduled to be finished this year, Oceanwide Holdings seems to have its hands full with its development in San Francisco, two towers costing US $1.6 billion.
They are known collectively as Oceanwide Center.
Their due date for completion is 2021.
SWFI – Sovereign Wealth Fund Institute