March 28, 2018

Chinese take control of Walforf Astoria Hotel

Quartz - The Chinese government has taken control of Anbang Insurance Group, a Beijing-based conglomerate that has aggressively acquired overseas companies and properties including the Waldorf Astoria in New York City. The move highlights the complexities the US faces as more and more Chinese companies—often with opaque ownership structures—attempt to purchase stateside companies. An ostensibly private holding can, seemingly overnight, change status.


Strelnikov said...

In the People's Republic of China, corporations operate at the pleasure of the Chinese Communist Party, and all the rules are rigged so that the Party can nationalize a firm at the drop of a hat. Why? Harmony, specifically social harmony - if a business was to go under it would throw people out of work (especially college graduates), so it's better to nationalize and restructure than let the market take its course. The CCP doesn't lose face as well.

Anonymous said...

This is a pattern. Its long history is the reason for the anti-Chinese attacks in places like Viet Nam: the Chinese come in, buy property, contract only with one another, shutting out the locals, and eventually end up owning the local economy. Then the locals, who haven't been able to halt the takeover, figure out just how completely in thrall they really are and suddenly it's Kill The Chinese Oppressors Day every day.

That'll happen here, too. just as it once did to the Jews (and will again, I bet) for broadly the same reason.