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
Pundits and politicians alike, when excusing their strategic dealings with China, are quick to remind their audiences that today’s China is a “centuries old civilization” rich in tradition and ancient religious discipline. A Confucian civilization that is still upset over wrongdoings during the European colonization period.
Such a view is wrong. The China we are confronted with today is nothing like that pre-nineteenth century nation. Since the reign of Mao Tse-tung began in 1949, Communist China, much to the dismay, torture, and death of its own citizens, has been governed by tyrannical thugs, thirsty to expand their dictatorial regime and unrelenting in their hatred of Western Civilization and the United States.
Militarily, China has literally surrounded the US. Once there was a Monroe Doctrine to forbid any foreign power to exert influence in American’s back yard, meaning South, Central and North America. All nations respected that doctrine as America vigorously imposed it. That is until China played on the growing weakness of American foreign policy, as when Jimmy Carter gave away the Panama Canal and scuttled all American bases in one of the most the strategic locations of American defense. Since then, China has established relationships and bases in several South and Central American nations. Continue reading