News Analysis As China’s real estate crisis continues to grow, the impact on U.S. real estate is starting to take shape. Much of the impact appears likely to be felt in California and New York, where Chinese investors own many large commercial buildings, and are the main backers of several high-profile development projects. Evergrande Group’s struggle to repay $300 billion in debt obligations appears to be just the beginning of the threat of possible defaults in the Chinese real estate market. In late October, Chinese developer Oceanwide Holdings Co Ltd announced that creditors have seized two of its major California projects, including the 2-million-square-foot Oceanwide Center in San Francisco. In New York, Oceanwide may be looking to unload a Manhattan development site for $200 million—half of what it paid in 2016—after its plans for a luxury skyscraper stalled, according to media reports. The company has invested approximately $3.5 billion on …