UNITE HERE, the North American hotel workers’ union, has released a report calling on Chinese authorities to investigate real estate company Fantasia Holdings. The call comes in the context of an ongoing corruption investigation of Lai Xiaomin, former Chairman of China Huarong Asset Management. The report describes the interlocking relationship between Fantasia Holdings and HKBridge (formerly Topsearch International), and the latter’s multiple connections with Huarong and troubled metals company Ningxia Tianyuan Manganese Industry Group, which was reportedly integral to the conduct being investigated by the Chinese government.
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UNITE HERE has released a new report calling on the Chinese government to extend its investigation of former China Huarong Asset Management chairman Lai Xiaomin to include real estate company Fantasia Holdings.
UNITE HERE has sent a letter to Spanish regulators raising concerns about the reported interest by Kam Fung, a Chinese property developer, in acquiring Spanish meat processor Incarlopsa. The concerns center on Kam Fung’s relationship with troubled state-owned distressed asset manager China Huarong Asset Management, and the Chinese government’s encouragement of purchases of international agricultural assets.
Sun Hung Kai Properties (SHKP), the sole owner of the Ritz-Carlton Shanghai, Pudong, is controlled by the Kwok family. A member of the Kwok family, who formerly served as a co-chairman, was convicted in a Hong Kong court in 2014 of bribery of a senior Hong Kong official; another SHKP executive director was convicted for the same offense.
UNITE HERE has sent a letter to the China Securities Regulatory Commission to bring attention to activities by companies partially owned by Zijiang Group and its chairman, Shen Wen. These activities were uncovered during research on Zijiang Group’s hotel, the Marriott Shanghai Hotel Hongqiao.
Continuing our series looking at the ownership of Marriott properties in Shanghai, we turn to Marriott’s ‘Distinctive Premium’ brands – Renaissance, Le Meridien, Tribute Portfolio, and Design Hotels.
In our previous post, we explored the ownership of Marriott’s luxury hotels in Shanghai. Here, we will examine the ownership of more Marriott properties in the city, beginning with the ‘Classic Premium’ brands – Westin, Sheraton, Marriott, and Delta.
Concerns over Marriott listing Taiwan as part of China at two Taiwanese Four Points by Sheraton properties have led to the announced dissolution of one of the hotel’s franchise agreements with Marriott.
Two important hotel developers in China, Greentown China and Wanda, have indicated that they are moving away from international brands including Marriott, narrowing the range of partners for Marriott in China.