The Chinese owners of the stalled residential, hotel and retail complex towering over Crypto.com Arena have hired real estate brokers to sell the property to buyers who could restart the project after work stopped in 2019. Taggers recently covered its outer walls with graffiti visible from far away. Likely bidders for the property include large institutional investors such as Blackstone Inc.
The international company ran into financial problems that coincided with a Chinese government decision to restrict the flow of outbound investment. Work stopped on Oceanwide Plaza in early 2019 as contractors building it stopped getting paid. In February, general contractor Lendlease filed a petition for the involuntary Chapter 11 bankruptcy of Oceanwide Holdings to force a sale of the property and pay creditors who were demanding almost $400 million.
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