Posts tagged ‘New York City’

26/06/2014

Chinese tycoon’s stunt to feed New York homeless ends in shambles – Telegraph

A stunt by a Chinese tycoon to provide free lunch to 300 homeless people in one of New York’s finest restaurants degenerated into a shambles as word spread that the participants would not be receiving an anticipated cash handout.

A waiter serves dessert to a table of men listening to Chinese billionaire Chen Guangbiao during a lunch he sponsored for hundreds of needy New Yorkers

The first simmerings of discontent emerged in the Central Park Boathouse as sesame-encrusted tuna appetisers were being served.

By the time the main course of rump steak was on the tables, the mood had turned thoroughly sour, as news that there was to be no cash give-away passed around the room.

And as white-gloved bow-tied waiters cleared berries and creme fraiche from the tables, there was near-mutiny, with burly private security men forced to prevent some angry diners from storming the podium.

Chen Guangbiao, a controversial recycling magnate, self-publicist and philanthropist, had earlier sung a version of We Are The World, the Michael Jackson hit written to raise charity funds for Africa.

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But the mood of goodwill and gratitude quickly dissipated as diners learned that they would not be receiving the $300 in cash that Mr Chen had originally promised everyone who attended after the meal.

Officials at The New York City Rescue Mission, which the billionaire had approached to help organise the event, told him they would only participate if the money was donated to their organisation to provide meals for the homeless.

“We work with the homeless every day, many of them unfortunately have drink and drugs problems, and it just isn’t a good idea to give that sort of cash out to people,” said Michelle Tolson, the mission’s spokeswoman.

“Mr Chen agreed that he would donate the $90,000 to the mission and that is the basis on which we are here today.” That message had not, however, reached many of the recipients of the free meal who were bused to Central Park from a downtown shelter.

“We have been duped to come along here under false pretences and now we are just part of a propaganda trick for the rich” said Harry Brooks, a Vietnam war veteran who tried to reach the stage to voice his complaints in person.

“We don’t need their steak, we need the money so that we can pay for food and clear debts. Now we’re never going to see it. This is a disgrace.”

via Chinese tycoon’s stunt to feed New York homeless ends in shambles – Telegraph.

03/02/2014

China says no cover-ups using state secrecy as excuse | Reuters

China has unveiled new rules telling officials not to cover up what should be publicly available information using the excuse it is a state secret, in what state media said was a move towards greater government transparency.

China has notoriously vague state secret laws, covering everything from the number of people executed every year to industry databases and even pollution figures, and information can be retroactively labeled a state secret.

The issue received international attention in 2009 when an Australian citizen and three Chinese colleagues working for mining giant Rio Tinto were detained for stealing state secrets during the course of tense iron ore negotiations.

But the government has come under pressure from its own people to be more open, especially on sensitive issues like the environment, which have no obvious implications for national security.

The new rules, carried by the official Xinhua news agency late on Sunday, mandate that government departments \”must not define as a state secret information which by law ought to be public\”.

Xinhua said that the move, due to come into force on March 1, was \”an effort to boost government transparency\”.

via China says no cover-ups using state secrecy as excuse | Reuters.

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09/01/2014

* Chinese Investment in U.S. Doubles to $14 Billion in 2013 – Businessweek

Chinese companies are on a North American buying spree, investing $14 billion in the U.S. last year, a record high, says a new report by New York’s Rhodium Group.

Chinese investment in the United States doubled in 2013, driven by large-scale acquisitions in food, energy and real estate,” write analysts Thilo Hanemann and Cassie Gao in “Chinese FDI in the U.S.: 2013 Recap and 2014 Outlook,” released on Jan. 7.

“We expect Chinese interest in U.S. assets to remain strong in 2014 because of aggressive economic reforms in China, a more liberal policy environment for Chinese outbound investors, and a positive outlook for the U.S. economy.”

Whereas state-owned companies have dominated in total deal value in the past, that is no longer true. In 2013, more than 70 percent of investment came from private enterprises, responsible for more than 80 percent of a total of 87 deals (of which 44 were acquisitions and another 38 were greenfield projects).

Where is the money going? Unconventional oil and gas was a top draw, with $3.2 billion invested in deals that include CNOOC’s (CEO) purchase of Calgary, Alberta-based Nexen Energy’s U.S. operations, Sinopec’s (SHI) joint venture with Chesapeake Energy (CHK) of Oklahoma City, and a Sinochem International (600500:CH) stake in West Texas’s Wolfcamp Shale. Commercial real estate was also a big draw, with 18 investments in San Francisco, Los Angeles, New York, and Detroit totaling $1.8 billion. And the single biggest deal: Shuanghui’s (000895:CH) $7.1 billion takeover of pork processor Smithfield.

Chinese companies are also becoming big employers of Americans, says Rhodium, providing more than 70,000 full-time jobs as of the end of last year. That’s an eightfold increase since 2007. Huawei Technologies (002502:CH) and Lenovo (992:HK) are big employers, but just one company—Smithfield—accounted for 37,000 of the total workers at Chinese companies.

A separate report released in early December by private equity fund A Capital found that Chinese investors put $24.7 billion into mergers and acquisitions in all of North America in the just first three-quarters of last year.

via Chinese Investment in U.S. Doubles to $14 Billion in 2013 – Businessweek.

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09/11/2013

China’s outward investment: The second wave | The Economist

HAS China arrived at its Rockefeller Centre moment? In the late 1980s as Japan’s miracle economy was soaring, the Mitsubishi Estate Company bought the Rockefeller Centre in Manhattan, a landmark complex built by the eponymous oil and banking clan. Alas, Mitsubishi had to sell, at a big loss, after Japan’s asset bubble popped. Now it is Chinese firms that are seeking such trophies in New York.

Fosun International, a Chinese conglomerate, has just agreed to pay $725m for 1 Chase Manhattan Plaza, a skyscraper near Wall Street, commissioned by David Rockefeller and completed in 1961. This follows a recent investment by Greenland, a Chinese state-owned firm, in Atlantic Yards, a big development in Brooklyn. Earlier this year a consortium involving Zhang Xin, a founder of Soho China, a private property giant, bought a stake in the General Motors Building in Manhattan.

It does not necessarily follow that this assault on New York will also end in tears. Whereas Mitsubishi overpaid, the Chinese investors seem to be negotiating reasonable deals. Michael Cohen of Colliers International, a property-services firm, says that although Fosun must modernise the ageing Chase tower, “The price per square foot appears to be a bargain.”

A shift is under way in China’s overseas direct investment (ODI), which is growing fast but is still dwarfed by foreign investment into China (see chart). The first wave largely involved state-owned firms, and was directed at acquiring energy, minerals and land in poor countries. Resource insecurity lingers—witness the 20% stake taken this week by Chinese state firms in Libra, a giant Brazilian offshore oilfield—but it is no longer the driving force. New motives propel the second wave.

China’s government is keen to boost the miserable yields it gets on its overseas investments, argues Thilo Hanemann of Rhodium Group, a consultant. So it is now encouraging state firms to invest in property in prime locations, and in infrastructure and other assets in mature markets. In Britain, they have invested in Thames Water and Heathrow airport. This week the British government said a consortium involving Chinese state firms could build a nuclear-power station in the west of England.

Private firms seeking brands and technology are also playing a big role in this second wave. Geely, a Chinese carmaker, bought Volvo of Sweden. Dongfeng, another Chinese firm, is said to be considering buying a stake in Peugeot-Citroën, an ailing French carmaker. On October 22nd Alibaba, a Chinese e-commerce giant, said it would open a new division in America to invest exclusively in internet start-ups. And Lenovo, a computer-maker, is preparing a bid for Canada’s BlackBerry.

As a result, the share of Chinese ODI going to rich countries has shot up from just a tenth in 2002 to two-thirds last year. Like Japan before it, China could yet experience a crash. But the shift in investment from free-spending state firms seeking resources to frugal private ones chasing markets and innovation is a positive sign.

via China’s outward investment: The second wave | The Economist.

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