China Outlines Plan for Military Buildup on Disputed Island

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Website reveals future warship deployment to Philippines’ Scarborough Shoal

China’s plan for a new military buildup on a disputed island near the Philippines shows the future deployment of Chinese warships close to where U.S. naval forces will be stationed in the future.

Details of the militarization plan for Scarborough Shoal in the Spratly Islands were obtained by U.S. intelligence agencies over the last several months, according to defense officials. Continue reading

Waldorf to Be Biggest Chinese Property Purchase in U.S.

New York City’s Waldorf Astoria hotel is set to become the biggest prize yet for buyers from China who have been pouring money into U.S. real estate as they seek stable investments outside their country.

Beijing’s Anbang Insurance Group Co. agreed to pay $1.95 billion for the 1,232-room tower on Park Avenue, an Art Deco landmark and one of Manhattan’s signature properties. That would be the highest price for a single existing hotel in the country, and the most paid for a standing U.S. building by a Chinese buyer, said Kevin Mallory, global head of the hotels unit of commercial real estate brokerage CBRE Group Inc. (CBG)

“We’re seeing a diversification strategy being employed by insurance companies and others, and it’s also true when it comes to private Chinese investors,” he said in a telephone interview. “We’ve seen a lot of wealth generated there over the last decade, and we see see private investors diversifying their portfolio around the globe.” Continue reading