David Barboza

WaldorfAstoria… like Japanese investors in the 1980s, Chinese buyers today have helped to push up the price tag for iconic buildings in the market …

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  1. shinichi Post author

    Chinese Return to the Waldorf, With $2 Billion

    by David Barboza

    http://dealbook.nytimes.com/2014/10/08/chinese-return-to-the-waldorf-with-2-billion/

    WALDORF-tmagArticle-v2

    After President Richard Nixon’s historic opening to China, Deng Xiaoping, the vice premier and eventual paramount leader of this country, made his first trip to the United States for a meeting at the United Nations in the spring of 1974.

    He stayed in Midtown Manhattan at the regal Waldorf-Astoria hotel, where Secretary of State Henry A. Kissinger hosted a banquet for Mr. Deng and other dignitaries.

    Forty years later, an obscure Chinese insurance company is now buying the landmark hotel with plans to restore the 83-year-old Art Deco building to its original splendor. The company is run by Mr. Deng’s grandson-in-law.

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