this post was submitted on 19 Feb 2024
46 points (100.0% liked)

Economics

478 readers
70 users here now

founded 2 years ago
46
A broke Chinese real estate developer left Los Angeles with empty, graffiti-covered towers and a billion-dollar bill (www.businessinsider.com)
submitted 10 months ago by MicroWave to c/economics
2 comments fedilink hide all child comments
 
  • A Chinese firm started to build a massive tower plaza in Los Angeles but ran out of funds in 2019.
  • The Oceanwide Plaza towers are now mainly used by graffiti artists and base jumpers.
  • LA's City Council estimates it'll take $2 billion to buy the property and complete the project.
you are viewing a single comment's thread
view the rest of the comments
[–] Delta_V 9 points 10 months ago

Can it actually be turned into something that's worth 2 billion, or would spending more on it just be chasing a sunk cost?