Is Oceanwide Plaza an object lesson? Stalled for more than five years, the project in Downtown Los Angeles stands half-built, filling an entire block across the street from the Crypto.com arena and the L.A. convention center. Tall grasses grow in the gaps between materials and equipment abandoned when its bankrupt Beijing-based developer, Oceanwide Holdings, pulled the plug in 2019. This $1.2 billion ruin of global capital sat untended all through the pandemic, quietly emblematic of overreaching speculative development.