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Tag: International company

  • Buyer for Oceanwide Plaza’s infamous graffitied towers emerges

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    A buyer has emerged for the notorious graffiti-bedecked towers in downtown Los Angeles — a Riverside County developer who intends to finish the stalled $1.2-billion project.

    The proposed buyer of the residential, hotel and retail project in bankruptcy proceedings is a partnership led by Kali P. Chaudhuri, whose KPC Development Co. owns and builds commercial properties in California and India.

    Kali P. Chaudhuri celebrates Kali Hotel reaching its maximum height during construction on Sept. 10 in Inglewood.

    (William Liang / For The Times)

    KPC is building a $300-million hotel next to SoFi Stadium, an addition to Rams owner Stan Kroenke’s sprawling mixed-use development on the former site of the Hollywood Park horse racing venue in Inglewood.

    On Monday KPC and its partner Lendlease, the original contractor for the project, filed an initial purchase agreement in federal bankruptcy court that establishes a baseline price of $470 million for the complex. If no higher qualified offer is received by April 9, the court could approve the sale.

    “I’m very excited,” Chaudhuri said. “I’ll try my very best to turn it around and make it the jewel of downtown L.A.”

    If the court approves the sale, it would take several months to complete due diligence and secure city construction approvals, he said. KPC would then take title and begin work.

    Removing the graffiti would be “first priority,” he said. The plan is to complete the project as it was created with housing, a hotel, stores and restaurants.

    The first phase of construction would include putting on the massive LED screen planned to wrap around the base of the complex on 11th Street, Figueroa Street and 12th Street.

    Street level view from Hope St. and 12th St. of Oceanwide Plaza in downtown Los Angeles.

    Street level view from Hope St. and 12th St. of Oceanwide Plaza in downtown Los Angeles.

    (Robert Gauthier/Los Angeles Times)

    Chaudhuri also intends to change the name of the complex, which was named after its original developer Oceanwide Holdings, though he didn’t say what the new name might be.

    Work on Oceanwide Plaza stalled in 2019 as its developers ran out of money. Early in 2024, taggers began turning its skyscrapers into canvases for florid graffiti art. Base jumpers parachuted from its heights and a performance artist filmed himself teetering along a 1-inch-wide slackline strung between two of the derelict properties’ 40-story towers.

    The complex gained fame as an arresting sight on the L.A. skyline, a graffiti-covered oddity on Figueroa Street — the wide thoroughfare that connects downtown’s financial district with L.A. Live, Crypto.com Arena and the Los Angeles Convention Center. It fills a large city block across the street from the arena, an A-plus location in real estate terms for being in the midst of year-round activity.

    An April 2024 appraisal by real estate brokerage Colliers submitted in a bankruptcy case involving the project estimated the as-is market value of the complex at nearly $434 million. Colliers also projected a cost of $865 million to complete the buildings, which are 60% finished. Other industry estimates to complete the project reach $1 billion.

    Real estate developments stall from time to time as developers run out of money, but rarely do they fail in such a high-profile manner as Oceanwide Plaza, which was supposed to be a glamorous addition to the skyline and center of activity in the bustling sports and entertainment district of downtown’s South Park neighborhood.

    Beijing-based Oceanwide Holdings bought a sprawling parking lot across from the arena in 2014 and soon set to work on a three-tower complex intended to house luxury condominiums and apartments, and a five-star hotel supported by upmarket stores and restaurants. It was also to include a massive electronic sign intended to help bring a Times Square flavor to Figueroa Street.

    The international company ran into financial problems that coincided with a Chinese government decision to restrict the flow of outbound investment. Work stopped on Oceanwide Plaza in early 2019 as contractors building it stopped being paid.

    In February 2024, general contractor Lendlease filed a petition for the involuntary Chapter 11 bankruptcy of Oceanwide Holdings to force a sale of the property and pay creditors who were demanding almost $400 million. Major creditors include Lendlease and EB-5 visa investors, who helped fund construction.

    Oceanwide also owes back taxes to Los Angeles County and money to repay the city for security put in place in response to the graffiti and other incidents such as parachute leaps.

    “Right in the heart of downtown Los Angeles, the blighted Oceanwide Plaza has been an eyesore for too long due to failed ownership,” Mayor Karen Bass said in a statement Friday. “With the resurgence of our Downtown and as we prepare to host Olympic and Paralympic events right across the street, I look forward to working with the new ownership to transform this plaza into something that spurs further investment — and that Angelenos can be proud of.”

    “Downtown’s resurgence is real, and the interest in this property proves it,” said Nella McOsker, president of the Central City Assn. business support group. “We call on the new owners to immediately clean this site and join us in leading the DTLA turnaround. Erasing this stain on our skyline is essential to restoring confidence and accelerating DTLA’s comeback.”

    Among KPC’s other developments are hospitals in Riverside and Orange counties and a 300,000-square-foot office campus in Corona, where the company is based. It has built a nursing college and 1,000-bed hospital in Kolkata, West Bengal, India. KPC is also building two residential projects in Kolkata, including a 74-story skyscraper, the company said.

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    Roger Vincent

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  • How to Solve 5 of The Biggest Global Payroll Challenges | Entrepreneur

    How to Solve 5 of The Biggest Global Payroll Challenges | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Building a global workforce is a smart way to boost growth and productivity. But to make it successful, you need to handle the challenges of a compliant global payroll.

    After all, there’s no point in having a global workforce if you can’t pay them properly. By managing compliant international payroll, you can capitalize on the potential of your global team and drive your business forward.

    Navigating the complex global payroll landscape can be daunting for businesses. From unfamiliar tax regulations to complex compliance requirements, organizations face significant challenges in managing international payroll effectively.

    However, by mastering these challenges, businesses can unlock untapped growth opportunities and harness the power of a global workforce. Let’s examine the five biggest global payroll obstacles and look at practical strategies to overcome them.

    Related: The Rise of Self-Employed in the Global Workforce and What Business Owners Need to Know

    Exploring the five challenges of global payroll

    1. Local tax laws and regulations.

    To ensure employees are taxed correctly, regardless of where they are, organizations need to plan and follow tax payment rules carefully. Companies must stay updated on the changing regulations and policies set by foreign governments to meet these requirements.

    2. Worker categorization.

    It is necessary to understand the differences between employee and contractor classifications when dealing with international employees. Correctly categorizing them is essential to avoid legal penalties and protect a company’s intellectual property. Misclassifying employees can result in severe consequences such as hefty fines, penalties, damage to reputation and ultimately, enough challenges to make staying in the country not worthwhile.

    3. Data protection policies.

    The confidentiality of employee payroll information is essential and requires strong security measures. While payroll companies may be familiar with data protection regulations in their own countries, managing global payroll necessitates compliance with data laws in various locations, such as GDPR in Europe or PDPA in Singapore.

    4. Payment currency.

    Determining the method and timing of payment for employees working in different countries is pivotal. It’s important to consider that the location can influence the currency used and the applicable employment laws. If payroll teams are unaware of the latest rates and don’t ensure timely payments, foreign exchange fees can pose a problem in various markets.

    5. Employee benefits.

    Companies must pay close attention to the different statutory benefits offered to their global workers in each country. Obligations such as pensions, sick leave, health insurance and maternity leave can vary significantly from one country to another. Failing to meet the specific benefit requirements of a country may result in attracting the attention of local authorities.

    Related: Practical Solutions for the Top 5 Challenges for Founders in 2023

    Overcoming global payroll hurdles

    Global payroll compliance presents significant challenges, but solutions are available. Here are three proven strategies to overcome international payroll challenges effectively.

    1. Outsourcing global payroll.

    One approach to handling global payroll is to explore international payroll companies that specialize in managing all aspects of payroll for expanding businesses.

    International payroll providers typically operate within the country where the organization does business. This advantageous setup provides a complete understanding of local labor laws and regulations, ensuring proper protection for workers.

    By partnering with a payroll company, organizations can delegate crucial responsibilities such as tax management, compliance, handling paid time off and other payroll-related tasks. This is especially helpful for new international businesses because it allows them to focus on their core operations while experts manage payroll matters.

    2. Employer of Record (EOR).

    A global Employer of Record (EOR) is a valuable resource for businesses seeking to hire, onboard and pay workers from other countries without setting up an expensive and time-consuming legal entity.

    Managing payroll obligations can be complex and time-consuming. An EOR simplifies the entire process by taking charge of all aspects of employee compensation. This includes fulfilling payroll requirements, managing voluntary benefits, facilitating smooth onboarding and offboarding procedures, handling expense reimbursements and more.

    3. Shadow payroll system.

    Another innovative solution for paying global employees is a shadow payroll system. It ensures that taxes and social security payments are correctly handled for employees working in a foreign country while still meeting their obligations in their home country.

    A person assigned to work internationally might be paid by their home country’s payroll, employer’s payroll or both. The shadow payroll comes into play when the employee is not paid directly in the country they’re working in.

    It calculates and reports the taxes and benefit contributions that would be required if the employee were paid in that country without actually making the salary payments to the employee.

    Related: Audits are Getting More Attention Because of Financial Irregularities at New-Age Ventures

    Don’t let payroll compliance slow global growth

    By proactively addressing the biggest global payroll obstacles and implementing the strategies outlined in this piece, businesses can transform the daunting task of managing international payroll into a streamlined and compliant process.

    Embracing innovative solutions like outsourcing, Employer of Record (EOR) services and shadow payroll systems can further boost efficiency and accuracy. Organizations can now conquer payroll challenges and unlock the full potential of a global workforce.

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    James Peters

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