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Originally Posted by Ldm1995
Does anyone have any insight into this and exactly how far along the project is if it gets picked up again or another company buys it out?
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Perfect timing, as oceanwide just posted their 2022 interim report today
https://media-oceanwide.todayir.com/...0405471_en.pdf
Construction status is same as previously mentioned in their reports:
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Construction works for all main structures were completed in 2018; curtain wall installation works for the main structures were completed; over 85% of electrical and mechanical controls and end devices of the tower building were completed; 70% of the installation of the project’s overall electrical and mechanical systems were completed; and over 60% of interior drywalls in towers 2 and 3 were installed.
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as far as what has actually been going on, this is their report of "what's happened" in the last 6 months specifically related to Oceanwide Plaza... my emphasis in bold
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As the Company has liquidity issues, the construction of the LA Project was still remained suspended to date. During the Period, the Company has maintained the project with minimum cost contributed. The Group is now actively negotiating with potential investors on project financing, disposal or joint development plans, with goals to resume construction, to complete financing for the project and to pay off all current debts to the creditors for the project. During the Period, the Group had discussion on financing and cooperative development with 9 groups of investors and financing institutions to compare and negotiate various terms of the cooperation. Considering (1) the sharp rise in the operation and construction cost year by year in the U.S. real estate market due to tightened supply which resulted in surged cost since the pandemic; (2) short-term market changes such as a sharp contraction in residential sales, a decline in profits of the residential leasing market and a decrease in income from the commercial real estate due to continuous severe hyperinflation; and (3) the sharp rise in financing costs due to interest hike by the U.S. Federal Reserve since 2022, the Group plans to slow down the resumption of the construction project, and continue the selection of partners within this year. When an upward inflection arises in the U.S. real estate market in 2023, the construction is then expected to resume in order to obtain the best return on investment. According to the development plan, it will take around two years of development time to complete the project after its resumption. Construction is expected to resume with the funding available in 2023. The on-site construction requires the completion of roof works, the exterior walls and facades of all tower buildings and podium buildings, LED steel structure and equipment installation, installation of all elevators, electromechanical and wall system, interior decoration for hotels and residences, construction of sky gardens and site gardens, steel structure installation of small podium buildings on the south, the facade curtain wall installation, installation of the mechanical and electrical fire protection, safety escape system equipment and the interior decoration. Therefore, the project is scheduled to be completed and put into operation in 2025 if construction resumes in 2023.
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tl;dr Oceanwide still thinks LA is their highest priority, claims to be in talks with 9 different investors, and claims that "when" the real estate market improves in 2023 they'll resume construction with est. completion in 2025.
....yea we'll see!