In 2021, when the naming rights for Staples Arena, home to the Lakers and Clippers NBA franchises, were sold to Crypto.com, looming over the arena were a trio of towers under construction that were part of the Oceanwide Plaza mega-development.
Cryptocurrency and Oceanwide both had a tough year in 2022.
Beijing-based China Oceanwide Holdings, the developer of Oceanwide Plaza—its last US asset and the largest project under development in DTLA—has defaulted on $157M it owes to a group of EB-5 lenders as of January, according to a notice of default filed with Los Angeles County and first reported by TheRealDeal.
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