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 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.
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