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  1. #1
    Atomic Punk
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    Default Great Waldorf of China: Beijing buys legendary NYC hotel for $2bn

    America’s most famous hotel will soon be under Chinese ownership as the Hilton Hotel group today announced that it would be selling the Waldorf Astoria to a Chinese insurer for $1.95 billion.

    The acquisition by China’s Anbang Insurance Group set a record for the largest acquisition of a U.S. real estate asset by a Chinese buyer, as well as being the most expensive purchase ever of a U.S. hotel. The price paid for the 1,413 room hotel means Anbang committed approximately $1.4 million per room for the art deco landmark.

    The deal also heralds the arrival of China’s state-owned insurance companies into the U.S. market, where the country’s private companies are already the leading foreign property buyers.

    Chinese Insurers Enter U.S. Real Estate Markets
    While Chinese companies and wealthy individuals have made a number of high profile property purchases in America’s largest cities in recent years, the acquisition by Anbang is the first notable deal by a Chinese insurance company, a group which has made some high profile acquisitions in London in the last 15 months.



    Since China began loosening restrictions on overseas investments by its insurance firms in 2012, and with their domestic real estate market in a prolonged slump, these state-run behemoths have been shopping internationally for stable assets.

    Prior to today’s purchase, however, the few deals that have occurred have been in London, where many Chinese have perceived the market as more attractive to foreign investors.

    In July 2013, Ping An Insurance made the first overseas property acquisition by a Chinese insurer when it bought the Lloyd’s of London building in the UK for $388 million, and rival insurer China Life followed up by leading the $1.35 billion purchase of a tower along London’s Canary Wharf in June of this year.


    As of 2011, Anbang was ranked as China’s second largest insurer with assets of RMB 700 billion (US$114 billion).

    Manhattan Still Tops with Chinese
    As these insurers move into the U.S., they are likely to follow the lead of Chinese private companies and wealthy individuals, by focusing first on America’s high profile gateway cities, and by targetting name brand assets.

    In October last year, Fosun International, a Chinese conglomerate run by low profile billionaire Guo Guangchang acquired One Chase Manhattan Plaza in New York for $725 million, and Soho China CEO Zhang Xin led the purchase of a 40 percent stake in the $3.4 billion GM building in Manhattan in March last year.

    In April this year a Reuters poll of New York City real estate agents found that Chinese had displaced Russians as the biggest private buyers of Manhattan real estate, and statistics gathered by real estate consultancy JLL indicate that New York is also the preferred market for commercial acquisitions by Chinese firms so far in 2014.

    JLL analyst David Green-Morgan explained the appeal of New York for international investors such as Anbang by noting that, “This is primarily a form of risk management as the big cities tend to be less volatile, but also because the bigger cities tend to have more deals and are easier to transact in and get the ball rolling.”

    Brand Name Assets Continue to Sell
    By picking up the Waldorf Astoria, Anbang is also holding true to another prevailing theme among Chinese real estate buyers – the preference for trophy assets.

    The 83-year old Waldorf Astoria covers an entire city block on New York’s Park Avenue has been home to guests including Marilyn Monroe, Winston Churchill and many world leaders. Hilton Worldwide had owned the hotel since 1949.

    While the acquisition of Hilton’s flagship hotel is likely to be a solid investment, given the current upswing in high-end hotel traffic, it is also a way for a company little-known outside of China to instantly make a name for itself in the world’s biggest market.

    This taste for famous buildings and splashy deals can also be seen in Fosun’s acquisition of the Chase Manhattan building, Zhang Xin’s GM building deal, and the purchase of part of the multi-billion dollar Atlantic Yards project by Shanghai’s Greenland Group one year ago.

    While some observers will see echoes of Mitsubishi’s purchase of the Rockefeller Center at the height of New York’s 1980s property boom, Anbang is betting that this time is different. And we are likely to see the Beijing-based insurer and its many competitors continue to shop for significant real estate assets in the U.S. until China’s market shows major improvement, or until the American market once again stumbles.
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  2. #2
    Atomic Punk CaboChris's Avatar
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    The complete takeover of America will be accomplished without firing a single shot.

    Unfettered immigration and selling out our institutions to the highest foreign bidder? What have we become?



  3. #3
    Forum Frontman It's Mike's Avatar
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    12.17.17 @ 06:12 AM
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    Default

    A capitalist nation?

  4. #4
    Atomic Punk CaboChris's Avatar
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    Quote Originally Posted by It's Mike View Post
    A capitalist nation?
    There is capitalism and then there is pure greed.

    I'm sorry, I'm not a fan of selling out American institutions to foreigners.

    I guess that makes me a socialist? Idk...

    It's happening more and more. Always to foreigners too...

  5. #5
    Forum Frontman It's Mike's Avatar
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    Default

    Quote Originally Posted by CaboChris View Post
    There is capitalism and then there is pure greed.

    I'm sorry, I'm not a fan of selling out American institutions to foreigners.

    I guess that makes me a socialist? Idk...

    It's happening more and more. Always to foreigners too...
    Socialist? No. But a hypocrite since americans have been buying foreign institutions for decades.

    That said it's not like China gives you full access to their market.

  6. #6
    Atomic Punk CaboChris's Avatar
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    12.17.17 @ 01:12 AM
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    Quote Originally Posted by It's Mike View Post
    Socialist? No. But a hypocrite since americans have been buying foreign institutions for decades.

    That said it's not like China gives you full access to their market.
    Not a hypocrite at all but a protectionist if anything.

    Name me one Chinese institution that an American entity has bought?

    I'm talking inherently Chinese such as The Waldorf Astoria or Anheiser-Busch is/was for America.
    Last edited by CaboChris; 10.09.14 at 04:12 PM.

  7. #7
    Atomic Punk bklynboy68's Avatar
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    12.17.17 @ 05:10 AM
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    It's not like Japan or the UK purchased the damn hotel, IT'S FUCKIN' CHINA!
     "He has a swaggering retro machismo that will give hives to the Steinem cabal" -Camille Paglia on Donald Trump

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  8. #8
    Forum Frontman It's Mike's Avatar
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    Quote Originally Posted by bklynboy68 View Post
    It's not like Japan or the UK purchased the damn hotel, IT'S FUCKIN' CHINA!
    We should not deal with china but America does so much business in China that you can't become protectionists later.

  9. #9
    Atomic Punk MF5150's Avatar
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    12.16.17 @ 09:55 AM
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    Default

    Quote Originally Posted by CaboChris View Post
    There is capitalism and then there is pure greed.

    I'm sorry, I'm not a fan of selling out American institutions to foreigners.

    I guess that makes me a socialist? Idk...

    It's happening more and more. Always to foreigners too...
    Ummm America has been outsourcing jobs to the Middle East and China for YEARS and YEARS. Jobs that could be done by Americans.


    Chinese people bought a hotel and that gets the protectionists' panties in a knot?
    My man, when you are fantasizing, don't go for attainable, you can get attainable at the local Applebee's. - Dave's Dreidel

  10. #10
    Gird your loins Daisy Hill's Avatar
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    12.16.17 @ 07:41 PM
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    Default

    Quote Originally Posted by bklynboy68 View Post
    It's not like Japan or the UK purchased the damn hotel, IT'S FUCKIN' CHINA!

    true but remember back in the 80's there was a Japanese investor rush to hawaii. they were buying up huge parcels, golf courses, farms, resorts,,,at one point Japanese investors owned most of the commercial ocean front if I'm not mistaken.


    but many of them lost their butt.....they sold off at huge losses in the late 90's.......last I heard the biggest foreign investor in Hawaii was Canada..at least in residential real estate
    Last edited by Daisy Hill; 10.09.14 at 05:51 PM.

  11. #11
    Baluchitherium
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    Dammit! I just stayed there for the first time and I loved it! I have a feeling my org won't be able stay there anymore...owned by China, security concerns, etc.

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  12. #12
    Atomic Punk edwardv's Avatar
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    Room service send up number 2 with egg roll.
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  13. #13
    Atomic Punk fast98dodge's Avatar
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    The US is owned by multinational companies and banks already. What's another hotel?
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  14. #14
    Super Duper Frontman track 5's Avatar
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    Quote Originally Posted by edwardv View Post
    Room service send up number 2 with egg roll.
    And make it snappy there, Wang. I'm fuckin hungry here. Out.
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