{"id":349605,"date":"2018-02-24T03:20:47","date_gmt":"2018-02-24T02:20:47","guid":{"rendered":"http:\/\/rinf.com\/alt-news\/newswire\/prison-planet-com-new-yorks-waldorf-astoria-is-now-controlled-by-the-chinese-government\/"},"modified":"2018-02-24T03:20:47","modified_gmt":"2018-02-24T02:20:47","slug":"prison-planet-com-new-yorks-waldorf-astoria-is-now-controlled-by-the-chinese-government","status":"publish","type":"post","link":"http:\/\/rinf.com\/alt-news\/newswire\/prison-planet-com-new-yorks-waldorf-astoria-is-now-controlled-by-the-chinese-government\/","title":{"rendered":"Prison Planet.com \u00bb New York\u2019s Waldorf Astoria is now controlled by the Chinese government"},"content":{"rendered":"<div>\n<p>      <!-- START CONTENT --><\/p>\n<p><a href=\"https:\/\/qz.com\/1214009\/new-yorks-waldorf-astoria-is-now-controlled-by-the-chinese-government\/\"><strong>Quartz<\/strong><\/a><br \/>February 23. 2018<\/p>\n<p><strong>One of the symbols of New York luxury is now in the hands of Beijing.<\/strong><\/p>\n<p>The Chinese government has taken control of <a href=\"http:\/\/en.anbanggroup.com\/\">Anbang Insurance Group<\/a>, 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\u2014often with opaque ownership structures\u2014attempt to purchase stateside companies. An ostensibly private holding can, seemingly overnight, change status.<\/p>\n<p>In a <a href=\"http:\/\/www.circ.gov.cn\/web\/site0\/tab5168\/info4099598.htm\">statement<\/a> (link in Chinese) Friday (Feb. 23), the China Insurance Regulatory Commission (CIRC) said it was acting to protect insurance product consumers because Anbang was in danger of insolvency. A government work group will control Anbang for one year, until Feb. 22, 2019. It\u2019s not clear what will happen to the company\u2019s ownership afterwards, though one possibility is <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2018-01-30\/china-is-said-trying-to-broker-sale-of-stake-in-insurer-anbang\">a government-orchestrated sale<\/a> of a stake in the company. The company\u2019s board of directors and board of supervisors will step down and make way for members of the working group, and the company will continue to operate as normal, the regulator said. It added that Wu Xiaohui, Anbang\u2019s chairman, is being prosecuted on suspicion of committing \u201ceconomic crimes.\u201d<\/p>\n<p>The takeover means that the Waldorf Astoria, which Anbang purchased from Hilton Worldwide in October 2014 for <a href=\"https:\/\/www.cbsnews.com\/news\/chinese-company-buys-nycs-iconic-waldorf-astoria-hotel\/\">$1.95 billion<\/a>, is now directly under the Chinese government. The government move should also see properties under Strategic Hotel and Resorts, which Anbang <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2016-03-12\/blackstone-said-selling-strategic-hotels-to-anbang-for-6-5-bln\">purchased in 2016,<\/a> come under the control of the working group. These include the JW Marriot Essex House in Manhattan and the Four Seasons Hotel in Washington DC, among others. Representatives for Anbang, the Waldorf Astoria, and Strategic Hotel and Resorts did not respond immediately to Quartz\u2019s requests for comment.<\/p>\n<p><a href=\"https:\/\/qz.com\/1214009\/new-yorks-waldorf-astoria-is-now-controlled-by-the-chinese-government\/\">Read more<\/a><\/p>\n<p>      <!-- END CONTENT --><\/p>\n<p style=\"color:#333; font-size:11px;\">This article was&#8230;<\/p>\n<\/div>\n<p><a href=\"http:\/\/www.prisonplanet.com\/new-yorks-waldorf-astoria-is-now-controlled-by-the-chinese-government.html\">Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>QuartzFebruary 23. 2018 One of the symbols of New York luxury is now in the hands of Beijing. 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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[519],"tags":[],"class_list":{"0":"post-349605","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-newswire"},"_links":{"self":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts\/349605","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/comments?post=349605"}],"version-history":[{"count":0,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts\/349605\/revisions"}],"wp:attachment":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/media?parent=349605"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/categories?post=349605"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/tags?post=349605"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}