The Chinese government has taken over control of a Chinese insurance company (Anbang) that owns a collection of US.hotels. Examples of these hotels include the Waldorf Astoria in New York City, Ritz-Carlton Laguna Niguel and many others.
The Chinese governement took over the Anbang Insurance Group and is planning to run the company for at least one year. Anbang was part of a group of Chinese companies that made high-profile real estate investments in the US over the last few years.
Read the full details here in The Orange County Register.
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