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China up close

China's political tug of war entangles global boardrooms

Xi Jinping ally buys Daimler stake while unwary tycoon loses the Waldorf

KATSUJI NAKAZAWA, Nikkei senior staff writer | China

TOKYO -- Up on the 42nd floor of the Waldorf Astoria hotel in New York, the Royal Suite occupies the entire 50th Street side of the tower. The chandelier-lit chamber with stunning views of the Manhattan skyline is where Wu Xiaohui, the 51-year-old founder and top official of China's Anbang Insurance Group, liked to greet his guests.

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