Stiffed creditors in China and Singapore seized the halted construction mega-ulcer in San Francisco, the Oceanwide Center.
At first, capital controls cut off funding. Now the coronavirus gets in the way of the money-losing sale it could finally line up.
How China’s crackdown on debt and capital flight pulls the rug out from under mega-real-estate projects.
Construction Halts on LA’s Chinese-Owned $1-Billion Oceanwide Plaza; Fretting Starts about $1.6-Billion Oceanwide Center in San Francisco.
What happens to prices when the biggest, reckless buyer walks away?
The fear of further yuan devaluation.
In the city of San Francisco, the median condo price is $1.11 million and the median house price is $1.25 million, up 72% and 88% respectively from the first quarter 2012. Median means, 50% of the units cost more, and 50% cost less. Which creates an absurd situation: only 11% of the households in San…
China’s “impossible trinity.”