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News Link • Business/ Commerce

$1 Billion China-Financed LA Skyscraper Complex Mysteriously Halts Construction

• by Tyler Durdan

The property is being built by Oceanwide Holdings, a Beijing based publicly traded conglomerate that reported revenue of $2.37 billion in 2017. In a statement on Thursday, the company said that the delayis due to a re-capitalization of the project and that work should resume next month.

Obviously, the fact that this is a Chinese-financed project has raised concerns that the construction halt more likely has something to do with Chinese government policies restricting the flow of money out of the country. These capital constraints that were put in place in 2016 sent shockwaves through numerous parts the real estate market in the United States and Canada, as Chinese citizens have looked for a way to get their money out of the country.

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