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Chinese Hospitality

Angbang Insurance Group bought the famed Waldorf Astoria for $1.9 billion, and that's just the start of Chinese ambition in the U.S.

By Anthony LoPinto | Updated on February 10, 2015

I enjoy a terrific view of the Waldorf Astoria on Park Avenue from my office in midtown Manhattan, and I’ll be looking forward to changes are a coming for the iconic hotel now that China’s Anbang Insurance Group Co agreed to fork out $1.9 billion to Hilton Worldwide to acquire the property. Anbang plans to kick off a major redevelopment of the hotel, restoring it to its original glory but with a twist: the addition of condominiums and a massive mixed-use retail development at ground level.

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