Beijing Developer’s $1 Billion Los Angeles Trophy Project Shuts Down

Construction has stalled at the unfinished Oceanwide Plaza in Los Angeles, California on Jan. 25, 2019, one of the biggest real estate development projects in downtown LA where the Beijing-based Oceanwide Holdings conglomerate said the hold-up was due to a recapitalization of the project, with work due to resume by the middle of February. China has been a major investor in real estate projects in downtown Los Angeles for a number of years. Frederic J Brown/AFP via Getty Images

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.

Oceanwide Plaza in the third quarter of 2017 was trumpeted by the 1,700 property owners of the Downtown Center Improvement District (DCBID) as the crown jewel of Los Angeles’ transformation “into a vibrant 24/7 destination.” Just two years after city approval, the famed 49-story central tower was set to include 184-room five star Park Hyatt hotel rooms and 164 condos; flanked by two 40-story towers featuring 504 super-luxury condos; and connected by about 200,000 square feet of high-end retail shopping.