Setting the bar higher for Chinese takeover offers

Deals must meet standards of reciprocity, transparency and security. When Blackstone sold Strategic Hotels & Resorts — the owner of 16 luxury hotels in the US — to the Chinese insurer Anbang for $5.5bn in 2016, it did not need to consider the risk that Strategic would become the property of the Chinese state. This is, somewhat ironically, because hotel companies, whatever …

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