Explainer: China’s Crackdown on Big Dealmakers
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Over the past few years, Chinese companies have flooded the globe with investments, buying up everything from real estate to football clubs and entertainment companies. As a result, hundreds of billions of dollars in capital have flowed out of the country, draining
The first in a series of shockwaves came in January, when
When Xiao was taken away, reports suggested that he was helping Chinese authorities with an investigation into the country's massive stock market crash of 2015 that saw stocks lose some
But, it is Xiao's reported ability to secretly move massive amounts of money and his political connections that most have focused on. In an earlier report,
The New York Times has described Xiao as a "banker for the ruling class and in 2013, the newspaper reported that he paid
A few months later, as the
One of
Anbang chairman
Soon after Wu's detention came a second and even broader shock, the ripples of which continue to be felt. News surfaced that
Many of the companies, such as
So far, the heads of the four other companies appear to have avoided anything beyond scrutiny, and calls to sell off their assets overseas, but there are no signs that the pressure is easing.
When rumors surfaced online in early August that police detained
The company called the accusations "groundless," and noted that Wang was in
Since his company came under scrutiny, Wang moved quickly and in July sold off 77 hotels and 13 theme parks to pay off nearly
According to Bloomberg,
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