this post was submitted on 19 Feb 2024
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Economics

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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
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  • 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.
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[–] [email protected] 13 points 10 months ago

“Buy the property”? What about seizing it or condemning it.

[–] 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?