Construction of huge downtown Los Angeles project paused

LOS ANGELES (AP) — Construction of a huge condominium, hotel and retail complex in downtown Los Angeles has paused.

The Los Angeles Times reports that Beijing-based builder Oceanwide Holdings issued a statement Thursday saying the stall is due to recapitalization of the project and work is expected to resume in mid-February.

The Oceanwide Plaza project across the street from the Staples Center sports arena is expected to cost more than $1 billion.

Its three towers have already been built to heights of as much as 55 stories and its 500-plus luxury condos and hotel are envisioned to join the renaissance of once-dowdy downtown LA.

The Times reports that Chinese companies have been among the biggest commercial real estate investors in the Los Angeles area in the post-recession boom.

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Information from: Los Angeles Times, http://www.latimes.com/