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  • New York's iconic Waldorf Astoria was purchased by a Chinese company in 2014 for nearly $2 billion.

  • After the acquisition, President Obama stopped staying here due to security concerns,

  • breaking with the decades-long tradition of U.S. presidents staying here during their trips to New York.

  • The move was highly symbolic of Chinese money flowing into the U.S.

  • Billions of dollars flow into the U.S. from China in the form of investments every year.

  • And in some parts of New York City, it's widespread.

  • Chinese investments include 28 Liberty Street, Baccarat Hotel and a stake in the General Motors building.

  • Bank of China agreed to pay nearly $600 million to buy this midtown skyscraper in 2014.

  • A big name gaining attention for her investments is real estate mogul Zhang Xin.

  • She's a Chinese billionaire whose family acquired a 49 percent

  • stake in this building, Park Avenue Plaza back in 2011.

  • And she came together with investors to buy 40 percent of General Motors building in 2013.

  • And then there's a company called HNA Group.

  • It poured billions of dollars into properties in New York, Chicago, San Francisco, Minneapolis and more.

  • But it's not just real estate.

  • In 2012, Chinese conglomerate, Dalian Wanda Group acquired AMC.

  • The $2.6 billion dollar deal would make it the world's largest cinema chain.

  • Chinese investors also bought a $3.5 billion stake in Legendary Entertainment,

  • the company behind Matt Damon's “Great Wallmovie.

  • In 2016, Chinese investment into the U.S. hit a high.

  • The next year though it declined significantly, reversing the trend.

  • Just take a look at the China Investment Monitor which tracks Chinese direct investment into the United States.

  • The figures have generally been on an upward trend since the tracker was launched in 2000,

  • peaking at nearly $46 billion in 2016.

  • Then investments dropped off.

  • So why the sudden decline?

  • Well to understand that, we have to go to back to the original surge.

  • You see, Chinese people and businesses were growing wealthier,

  • but they were worried about China's explosive growth slowing.

  • After all, their holdings are priced in the yuan,

  • and a drop in the yuan against other currencies would mean the value of their assets goes down.

  • So mainland companies started buying up assets in other countries like the U.S.

  • It was their way of diversifying their portfolios, hedging their bets against a downturn at home.

  • But all of that money moving from Chinese bank accounts

  • into foreign real estate and companies made Beijing anxious.

  • The government was worried all of that capital abroad would do what Chinese businesses were

  • concerned about in the first place - drain value from the domestic economy and depress the local currency.

  • So, through various means, the Chinese government clamped down on money leaving the country, that's

  • what's called capital controls, and encouraged their firms to bring back some of the money they sent away.

  • Beijing was particularly focused on China's four biggest private conglomerates:

  • Earlier, I mentioned the purchase of the Waldorf Astoria in New York.

  • That was made by Anbang, which had spent tens of billions of dollars

  • around the world buying up high-profile properties.

  • But in early 2018, China's government seized the company and even detained its chairman.

  • That means China's government sort of owns the iconic New York staple.

  • Then there's the Hainan Airlines, or HNA Group. The company began as a tiny airline in 1993.

  • But today it's a global conglomerate, owning real estate, hotels and tourism companies.

  • In 2017, it was named the 170th biggest company in the world with annual revenue of more than $50 billion.

  • As part of its investment spree, HNA bought Radisson Hotels Group,

  • a $6.5 billion stake in Hilton hotels and a stake in Deutsche Bank.

  • This building, 245 Park Avenue was purchased by China's HNA Group for $2.2 billion dollars in 2017,

  • making it one of the priciest office building purchases in New York history.

  • But a year later, HNA Group was said to be looking for a buyer.

  • Proof that China's effort to reign in these companies is working.

  • Just look at these assets in the U.S. either for sale or being sold by some of China's biggest companies.

  • Meanwhile, the U.S. is making it more difficult for foreign buyers to invest,

  • adding more roadblocks and in some cases even citing national security concerns.

  • The U.S. blocked a deal by Alibaba-backed Ant Financial to try and buy MoneyGram.

  • Meanwhile, HNA Group dropped its bid to acquire hedge fund SkyBridge Capital.

  • Chinese investment in the U.S. has leveled out to where it was before it surged earlier this decade.

  • But whether it will fall further or make a comeback remains to be seen.

  • Hey guys, it's Uptin, thanks for watching!

  • For more of our videos, check out "What is China buying in Australia," here and "Why is Macau so rich," here.

  • We're also taking suggestions for future CNBC Explains, so leave your comments in the section below.

  • And while you're at it, subscribe to our channel!

New York's iconic Waldorf Astoria was purchased by a Chinese company in 2014 for nearly $2 billion.


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中国は米国で何を所有しているのか?| CNBCが解説します (What does China own in the U.S.? | CNBC Explains)

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    kstmasa に公開 2021 年 01 月 14 日