Posted on 08/27/2017 8:23:35 AM PDT by TigerLikesRooster
Chinese Billionaire Wang Jianlin Detained At Tianjin Airport, Prevented From Leaving China
Chinese billionaire Wang Jianlin, the chairman of Dalian Wanda Group, was reportedly detained by police at Tianjin Airport and detained for several hours as he was about to leave the country on a private airplane.
According to reports, on August 25 Wang Jianlin intended to travel with his family to the United Kingdom. However, he was stopped by police and prevented from boarding the plane. Wang was released hours later, but he was informed that he can no longer leave China.
Wang Jianlin is the chairman of Dalian Wanda Group, one of China’s largest real estate and entertainment conglomerates. His net worth is estimated at $US30 billion. Wang built his business empire through political connections and heavy borrowing from state-owned banks, becoming one of China’s richest men.
But in recent months Wanda Group has faced growing financial difficulties. Debt problems have caused the company to sell off assets such as theme parks and hotels. Wanda also abandoned major projects, including Wang’s ambitious plan to invest billions of dollars in Hollywood studios.
As the Chinese government seeks to curb overseas investment, Wanda has been forced to revise its business model, which relied heavily on expansion abroad. In July of this year Wang Jianlin told Chinese website Caixin that Wanda will “actively respond to the state’s call and … put its main investments within China.”
In January, Chinese tycoon Xiao Jianhua was abducted from the Four Seasons Hotel in Hong Kong by unidentified men. He is believed to have been taken to mainland China to help the authorities conduct investigations into the financial industry.
Ever since Xiao’s disappearance, a number of prominent Chinese business people have been detained by the authorities. Dalian Wanda has links to Xiao’s company, Tomorrow Holdings.
Sum Ting Wong.
If America’s leaders were smart, they would be doing the same thing, forcing oligarchs to invest domestically.
Reminds me of the wealthy South Africans who were not allowed to leave. They could travel, but they couldn’t get their $ out. The Swiss company I worked for was bought by one of the richest South Africans so I got exposed to this,
In Deep-doodoo
The formula that works so well in China for a select few:
Parlay influence into huge loans from public banks, use the money for development projects. Don’t pay the money back.
“If America’s leaders were smart, they would be doing the same thing, forcing oligarchs to invest domestically.”
So some people, designated oligarchs, will no longer have property rights? Instead of oligarch, could we substitute the word kulak?
Ho Lee Fuk
So let me ask you this....
Since Nixon what president of the US could best understand this whole financial scheme, and do so on a local and global basis? Answer Trump.
YOu think Obama or Bush or Clinton or Carter could understand this without extensive tutoring? We finally have a president that mentors and teaches us all.
You are correct.
If America’s leaders were smart, they would be doing the same thing, forcing oligarchs to invest domestically.
america is NOT a communist country.
make things here such that they WANT to invest here. Problem solved.
Kulaks were middle class people, not the upper class, let alone billionaire level oligarchs. Bad analogy.
Rememer when Japanese companies bought American hotels, industries, etc ?
They overpaid.
“Kulaks were middle class people, not the upper class, let alone billionaire level oligarchs. Bad analogy.”
When you create the mechanism for taking the rights from one group, you have created the mechanism to take the rights from all people. For example, the Supreme Court allowed local governments to confiscate prime real-estate from ordinary middle class people and provide it to developers. This was done to improve the tax picture. Local police have used asset forfeiture laws to seize property from people who have never been accused of criminal acts, let alone convicted. And, who, exactly gets to decide who the “rich” are? I laughed out loud when a liberal woman was interviewed about Obamacare. She said, (approximately) “I wanted the rich to pay my medical bills. I had no idea that I was the rich person who would be tasked with paying everybody’s bill!” When politicians enact laws they have, probably, a clear idea of who will be the payer and who will be the beneficiary. But once the law is enacted, it takes on an evil life of its own.
If we don’t want to be the unintended victim of legislation, the safest thing is not to legislate it in the first place. The one invariable law is the one about unintended consequences. I am perfectly happy that “oligarchs” can do with their money whatever they please.
The entire world is in extreme financial danger.
Donald Trump is in office to oversee the bankruptcy of the United States.
Everything was against him becoming president, it took some sort of a miracle.
Trump is the perfect man to get us through the coming financial disaster.
It’s coming! Get out of fiat assets... hold silver if possible, pay off debts, buy real goods and hold them.
Have some cash for the short period of time it will still be accepted after the banks shut down.
Avoid large cities.
Dear God, I sure as hell hope I am wrong!
But just look at all that massive debt that CANNOT be repaid under ANY reasonable scenario...look at the enormous goofy pile of derivatives!? the dominoes will start to fall.
“through political connections and heavy borrowing from state-owned banks”
As if in the state-capitalist nation of China there are no strings attached to the party and state backing? Of course he understood he owed his “private” enterprise TO THE STATE and it’s one party. He just never knew how or when the bill would come due.
Parlay influence into huge loans from public banks, use the money for development projects. Don’t pay the money back.
***************
You just defined the robber barons of the federal reserve member banks.
Stop taxing and regulating private enterprise and there will be no incentive to produce goods and services in foreign lands!
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