Chinese developer's abandoned, graffiti-covered real estate project in Los Angeles up for sale
A troubled Chinese real estate project in Los Angeles is up for sale, after work stopped more than five years ago. The massive Oceanwide Plaza in downtown LA has since become known for the graffiti artwork that covers the buildings. Oceanwide Holdings' cash flow had dried up amid Chinese government restrictions on outbound capital. Creditors said they're owed hundreds of millions of dollars. Oceanwide, a publicly traded company in China, faces involuntary bankruptcy proceedings in Bermuda. Ira Spitzer reports.
A troubled Chinese real estate project in Los Angeles is up for sale, after work stopped more than five years ago. The massive Oceanwide Plaza in downtown LA has since become known for the graffiti artwork that covers the buildings. Oceanwide Holdings' cash flow had dried up amid Chinese government restrictions on outbound capital. Creditors said they're owed hundreds of millions of dollars. Oceanwide, a publicly traded company in China, faces involuntary bankruptcy proceedings in Bermuda. Ira Spitzer reports.
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