今天FT讲安邦的故事。

其实多数中国企业（国企为主）的海外并购都十分匆忙、草率，以凸显“老子钱多”为目的，比八十年代日本企业的海外撒钱更凶，结果更惨。

现在，西方卖家发现，中国人的钱还是太少了。

When South Korean asset manager Mirae pulled the plug on a $5.8bn hotel deal with China’s Anbang in April, it looked like one more casualty of the coronavirus outbreak. The acquisition agreed in September 2019 had dragged on into the pandemic, which has devastated the hotel industry. Mirae’s last-minute termination of the deal in April led to accusations from Anbang that the buyer “got cold feet”.

But a previously undisclosed document — revealed in a US court by Mirae, part of its defence in a suit brought by Anbang — suggests the pandemic was just one element of why it walked away from the purchase of 15 hotels including the JW Marriott Essex House overlooking New York’s Central Park and Four Seasons and Ritz-Carlton resorts in California.

The document reveals competing claims of ownership on the hotels, which were stripped from Anbang’s former chairman Wu Xiaohui by Chinese authorities in 2017. Purportedly signed by Wu, the Delaware Rapid Arbitration Act agreement, or DRAA, appears to be an attempt to transfer ownership of the hotels from Anbang to four Delaware-based parties, and also give his own family a claim to the assets, just weeks before he was detained in China in June 2017 on corruption charges.

At the time he was arrested Wu was the most high-profile tycoon to be ensnared in President Xi Jinping’s anti-corruption drive. Anbang was once considered the darling of Chinese M&A, launching an $18bn buying spree between 2014 and early 2016. Along with a small cohort of other acquisitive conglomerates such as HNA and Dalian Wanda, its deals were often viewed as part of the Chinese government’s “going out” policy that endorsed overseas investments.

Now Beijing is potentially saddled with billions of dollars in debt from that spending spree and facing a bitter US legal fight over Anbang’s assets that threatens to embarrass the Communist party’s top leadership. Among those who have been drawn into the legal fight is the family of the late Communist party leader Deng Xiaoping — who opened up the economy in the 1970s. A granddaughter of Deng became Wu's third wife.

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