After its Chinese backers pulled out, Oceanwide Plaza stands abandoned – could it be turned over to those who need it most?
n asparagus patch is how the architect Charles Moore described the lackluster skyline of downtown Los Angeles in the 1980s. “The tallest stalk and the shortest stalk are just alike, except that the tallest has shot father out of the ground.”
But, were he still with us, Moore might be cheered to find that, among the huddle of lookalike shafts, there now stands one particularly colourful cluster of asparagus stalks – and no thanks to its architect’s intentions.
In the years following president Xi Jinping’s corruption crackdown, beginning in 2012, there was an increasingly voracious appetite among Chinese elites to get their assets out of the country, lest they be seized by the state. A bit like Hollywood’s American Storage Building, a, the Oceanwide towers were essentially going to be high-rise vaults – literal stacks of safety deposit boxes for Chinese cash, wrought in concrete and glass.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nickel Turmoil May Blow Over Quickly on High Chinese DemandMacquarie’s 44-year veteran nickel watcher Jim Lennon suggests that the nickel turmoil of last year may blow over more quickly than expected due to unexpectedly high Chinese demand and potentially slower Indonesian growth.
Read more »
Southeast Asian Countries Stand Against Chinese Influence and AggressionSoutheast Asian countries, along with Australia, express their unity against Chinese influence and aggression during the ASEAN summit. The leaders emphasize the importance of respectful dialogue and commitment to addressing shared challenges.
Read more »
IWD 2024: Chinese women can only dream of the opportunities their Western counterparts enjoyKids these days are way more aware of gender discrimination than when I was growing up.
Read more »
Beijing Xi Jinping: This fund manager is buying up Chinese debtMuzinich’s Mel Siew believes that Beijing’s stimulus measures will eventually work, so he’s piled into Chinese high-yield bonds that are exposed to the domestic economy.
Read more »
South China Sea: Call out Chinese maritime aggression by its real nameChina intruded into this week’s ASEAN summit with fresh clashes at sea. It’s dangerous not to acknowledge the real source of the risk.
Read more »
Property prices: Chinese owners forced to sell Australian investments as rates, economic slowdown biteSqueezed by higher interest rates overseas and a cash crunch at home, Chinese investors are putting up “for sale” signs in Australia.
Read more »