EB5 was very popular with wealthy Chinese investors ten years ago. Lending $500,000 to a developer to participate in the construction of a regional center in the United States will allow you to obtain a green card.
However, because of the long waiting period and uneven developers, this immigration project has been unfinished frequently, so that the United States has to reintroduce a new investment immigration bill in 2022.
However, in the previous investment immigration projects** and unfinished incidents, those Chinese billionaires who were cheated lost money and could not get green cards, and the road to rights protection was also difficult and bumpy.
Recently, in the ** lot in downtown Los Angeles, that is, opposite the NBA Lakers' home stadium, an unfinished real estate has become a new "attraction", which has caused heated discussions on the Internet. This attraction is an unfinished investment immigration EB5 project, its developer is Oceanwide Holdings from Chinese mainland, the project name is "Los Angeles Oceanwide Plaza".
Developed in 2015, the project once had a grand blueprint and was hailed as "a shining symbol of downtown Los Angeles' rejuvenation."
According to Oceanwide Plaza's promotional plan, "This is Oceanwide Holdings' first development in North America and aims to create a major new landmark in downtown Los Angeles. Comprising a wide range of real estate products that meet the lifestyles and needs of customers, including a new five-star Park Hyatt, a large number of high-end retail and restaurants, and boutique residences, the project will enhance the overall maturity of the Los Angeles Sports and Entertainment District.
The new retail center features a seven-story podium and an open-air arcade mall of approximately 166,000 square feet. The project aims to be a vibrant new shopping, dining and entertainment hub ......
Oceanwide expects to complete construction of the Oceanwide Plaza project in early 2019, which will have a significant impact on the economic growth of the city of Los Angeles and will create approximately 9,000 local jobs during the construction period. ”
It can only be said that another cowhide is blown out.
Oceanwide Plaza was not completed in 2019 and could not become a new landmark in Los Angeles, but this large area of unfinished buildings is particularly eye-catching.
Unexpectedly, after the end of the year, it became a popular graffiti destination for young people in Los Angeles, and from a distance, it looks quite American magical realism.
Behind these graffiti buildings are at least hundreds of Chinese billionaires, whose investments have been squandered, and according to the U.S.**, developers still owe tens of millions of dollars to local subcontractors for the project, and the U.S. builders have been negotiating salaries for five years and have not yet received money from Chinese developers.
So, what happened to Oceanwide Holdings, and the project in such a ** area is unfinished?
Oceanwide Holdings is having a hard time now!
Since April last year, Oceanwide Holdings has issued 7 risk warnings that may trigger the termination of listing. Its share price has mostly hovered around 1 yuan since the beginning of the previous year, and fell below 1 yuan for the first time in April. On December 28, 2023, Oceanwide Holdings was delisted at par value due to the ** price being lower than 1 yuan share for 20 consecutive trading days.
And Lu Zhiqiang, the boss of Oceanwide Holdings, the legendary entrepreneur who became the richest man in Shandong in 2015 with a net worth of 83 billion, once helped Liu Chuanzhi complete Lenovo's MBO and helped Wang Jianlin's Wanda to ring the bell of Hong Kong stocks. In his prime, he was ...... to be collected for debts, sued, restricted in height, and applied for reorganization by creditorsTroublesome.
Under such a predicament, the unfinished Oceanwide Plaza in Los Angeles is just a small episode of Oceanwide Holdings' deep quagmire.
But such a small episode is unspeakable for those rich Chinese who trust Oceanwide and spend $500,000 to pave the way for immigration. Since Oceanwide Plaza is expected to create 9,000 jobs, and the requirement of U.S. investment immigration is that each investor's investment funds should create 10 jobs and stay rich, then at least 800 investment immigration applications can be accepted.
Of course, it is unlikely that all 800 seats will be sold out, but at least 500 will be sold, which is 2$500 million. This money seems to have been given to the United States, but in fact it is also advanced to the developer's pocket, and due to the unfinished Oceanwide Plaza, the money does not know where it went**.
American investment immigration is a risky investment, and the development of large groups like Oceanwide Holdings is so unreliable, everyone must be cautious when choosing. As long as the project is unfinished, not only will the money not be returned, but the green card should not be considered, the really powerful Chinese rich may wish to consider taking a look at the application of outstanding talents, and immigrate by proving their excellent business ability or other excellent majors, without investment, which can effectively avoid investment risks.