Anbang Insurance Group, which this week bought New York’s Waldorf Astoria hotel for $1.9bn, has a big thing going for it in its home market: its founder and chairman is the grandson-in-law of Deng Xiaoping, architect of modern China.
Anbang’s chairman, Wu Xiaohui, who is in his late 40s, is known in Beijing for his ruthless business style and the support he receives from powerful political leaders.
He is married to the granddaughter of Deng. The Deng family retains considerable political influence.
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