Wu Xiaohui, Chinese CEO of the company Anbang undergoing through prosecution by?China Insurance Regulatory Commission?(CIRC) and the due to the procedure, the government is temporarily placing billions of dollars of Canadian real estate in the hands of the Chinese government.
It was announced early Friday morning that the CEO is blamed for some criminal activities for which he will be prosecuted. The company automatically goes in the hands of government.
The company owns wonders in Canada like The Bentall Centre, a landmark office complex in Vancouver, that?went for just over a billion; Retirement Concepts, a senior care company in B.C. and Alberta that also just?happens to have a massive real estate footprint; the HSBC Building in Toronto, also known as?70 York Street. Last but not least,?777 Bay Street, whose largest client is the Government of Ontario.
Although all of these have been approved by Canadian government who surprisingly found nothing suspicious. There was no evidence of direct involvement of Chinese government I the company although the US department of RCMP and CSIS suggested this to be true.
Reporters from The New York Times also did a similar investigation, and?also struggled to explain Anbang's ownership structure. The hunt led them to remote villages in China, where multi-billion dollar holding companies were located in tiny backroom office spaces.
Well, what can be extracted by all of this is China is clearly not enjoying all the international attention but much to its dismay, crowd is gaining interest in the recent spicy news floating around.
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