Sunday, March 19, 2017

“Transparency of ownership is always a concern, and it’s a particular concern for this company,” said Don Davies, member of Parliament for Vancouver-Kingsway and NDP health critic.--Davies, who brought questions about the deal to question period in Ottawa last week, said: “As a federal politician, there is the health perspective (related to Retirement Services’ delivery of care to seniors) but also the Investment Canada review process having a lack of transparency is totally unacceptable. It’s been that way for years through Liberal and Conservative governments.” “There is no meat on the bones when it comes to discussing net benefits (for Canada). The process of reviewing these (deals) should be laid bare.” Davies was not satisfied with Trudeau’s answer that global investment brings benefits to Canada and said “all investment is not the same. Productive investment impacts industry, provides jobs and there is an economic effect.”-----------Margaret Berry · Primary Teacher at North Vancouver School Board No. 44 until retirement end of June 1994 Please! Say it isn't so. Chinese care homes?



Julie Ali
Just now
#ANBANG--it is troubling that the Trudeau government is letting in a major human rights abuser investment group into Canada without public revelations of why this deal was approved.
Why do we have these investors of dubious etiology in our care homes?
Why not instead keep the foreign global investment firms out and do the work in the public sector?
But nope, government at both the federal and provincial governments is letting the global investment companies do the care of seniors because sure as beans make pods, the government at all levels doesn't want the responsibility for the bulge of baby boomer seniors that is coming up.
Well is this a good thing for seniors and future seniors? Well it depends. Do you want to trust the care of your aging family members to the Chinese venture capitalists? Do you want to end up in an Anbang home? Do you want to be a for profit resident?
It's really up to y'all.
As for me I see that this is all about ---The dollar bill, the dollar bill yo!

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Julie Ali
The lack of information around Anbang's entry into the senior's market in BC is troubling. We should all be asking questions why Ottawa let an investment group into Canada without detailed information on the investors themselves. In addition, it is not a happy thing to have a human rights abuser in charge of aging parents in BC.
I don't see why the government of Canada can't let us in on their decision making tree and why the heck we are selling Canadian assets to a group of people with dubious sources of cash.


There are growing calls for the federal government to release details on its approval of billion-dollar investments in B.C. by Anbang Insurance Group, a Chinese…
VANCOUVERSUN.COM

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http://www.businessinsider.com/r-chairman-of-chinas-anbang-bullish-on-europes-cheap-assets-2017-3

Chairman of China's Anbang bullish on Europe's "cheap assets"

Reuters
  • Mar. 18, 2017, 5:49 AM
  • 4
BEIJING, March 18 (Reuters) - The chairman of China's privately-held Anbang Insurance Group said at the China Development Forum on Saturday he is bullish on investing in Europe despite great uncertainty over issues including refugees, economic challenges and rising populism.
Europe has "very cheap assets" and Chinese investors can take advantage of cheap funding to acquire companies with good technology, said Anbang Chairman Wu Xiaohui.
Regarding the chances of a "black swan" event in Europe, "if we combine Europe with China, I believe the chance of a black swan will be very small," Wu told the forum.
A "black swan" event is one that occurs outside of expected patterns or norms of a given situation and that is extremely difficult to predict.
Anbang, established in 2004 as an auto insurer, has emerged as one of China's most aggressive buyers of overseas assets in the past two years, spending more than $30 billion buying luxury hotels, insurers and other property assets.
Based in Beijing, Anbang manages some 1.65 trillion yuan ($240 billion) worth of assets, and has been involved in some high-profile deals, including buying control of Fidea, a Belgium-based insurer, and the Belgian banking operations of Dutch insurer Delta Lloyd.
Wu declined to comment on a potential plan for an initial public offering when asked by Reuters. (Reporting by Shu Zhang and Matthew Miller; Writing by Elias Glenn; Editing by Tom Hogue)


http://vancouversun.com/business/local-business/explain-approving-china-firms-1-billion-deal-for-b-c-retirement-home-chain-trudeau-government-told?__lsa=7c1a-fa81

Explain approving China firm’s $1-billion deal for B.C. retirement home chain, Trudeau government told

Published on: February 27, 2017 | Last Updated: February 27, 2017 7:56 PM PDT
A worker cleans windows of the Anbang Insurance Group's building in Beijing, China.
A worker cleans windows of the Anbang Insurance Group's building in Beijing, China. ANDY WONG / ASSOCIATED PRESS FILES
There are growing calls for the federal government to release details on its approval of billion-dollar investments in B.C. by Anbang Insurance Group, a Chinese insurance company widely described as being secretive about its owners.
“Transparency of ownership is always a concern, and it’s a particular concern for this company,” said Don Davies, member of Parliament for Vancouver-Kingsway and NDP health critic.
Last week, the Trudeau government approved the sale of Vancouver-based Retirement Services to the Beijing-based conglomerate.
Cedar Tree Investment Canada is Anbang’s vehicle with a Vancouver law firm’s address for what is thought to be a deal in excess of $1 billion. At that size, it was subject to a full review under the Investment Canada Act, which demands scrutiny of all deals of $600 million and up.
Even for smaller deals, it’s believed a foreign investor must reveal details such as the names of its board members, five highest paid officers, any person or entity that owns 10 per cent of its equity or voting interests, whether it is connected to a foreign government and its sources of funding for the investment.
Don Davies
Transparency of ownership is always a concern, and it’s a particular concern for this company’ — Don Davies, Vancouver-Kingsway MP and NDP health critic
Anbang, however, has infamously developed a reputation in the last year or so for much larger deals in the U.S. and Europe that fall apart because it can’t provide this kind of information about its ownership. Major investment banks have stepped away from earning potentially lucrative fees by working with Anbang for similar reasons.
The New York Times has dug into who is behind the company’s chairman, Wu Xiaohui. Investigations into remote villages across China and sometimes empty city offices unearthed a fuzzy picture of almost 40 shell companies, mostly owned by his wife, Zhuo Ran, the granddaughter of former Chinese leader Deng Xiaoping, and Chen Xiaolu, the son of a notable Chinese general, plus a few Chinese government-owned companies.
Davies, who brought questions about the deal to question period in Ottawa last week, said: “As a federal politician, there is the health perspective (related to Retirement Services’ delivery of care to seniors) but also the Investment Canada review process having a lack of transparency is totally unacceptable. It’s been that way for years through Liberal and Conservative governments.”
“There is no meat on the bones when it comes to discussing net benefits (for Canada). The process of reviewing these (deals) should be laid bare.”
Davies was not satisfied with Trudeau’s answer that global investment brings benefits to Canada and said “all investment is not the same. Productive investment impacts industry, provides jobs and there is an economic effect.”
Anbang Insurance Group bought Vancouver’s downtown Bentall Centre (above) for just over $1 billion.
Anbang Insurance Group bought Vancouver’s downtown Bentall Centre (above) for just over $1 billion.GERRY KAHRMANN / PNG FILES
Saying that Anbang has no plans to create additional jobs, Davies sees Anbang’s investment more as an “asset transfer.”
Anbang has closed one significant deal in Vancouver, buying Bentall Centre in downtown Vancouver for just over $1 billion. Even though the purchase was structured over two transactions, one of them was over $600 million. When Postmedia tried to get details of Investment Canada’s review ahead of green-lighting this, a reply to a request under the Access to Information Act included some links to general media stories about Anbang and a note explaining that some information is classified as being “privileged” and that “an examination of the records has revealed that some of the information is subject to section 36 of the Investment Canada Act and, therefore, entirely exempt …”
Asked for clarification, a government spokesperson, who did not have permission to be named, quipped: “That means it’s Fort Knox.”
Anbang is also believed to own the Fairmont Vancouver Airport hotel. Last June, Toronto-based InnVest bought it for $90 million. Major American news outlets reported last May that Bluesky Hotels and Resorts Inc, which described itself as a Canadian-based company backed by Hong Kong capital, bought InnVest using a negotiator that was actually representing Anbang, which denied there was any connection between it and BlueSky.
JLee-Young@postmedia.com

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Julie Ali ·
I do find it puzzling that the Liberal government at both the federal and the provincial level approved of this deal with such speed and no transparency.

It appears to me that the main reason for this impetuous decision is to allow foreign money from dubious and mysterious sources in China to enter the Canadian market.

I don't approve of this decision by Mr. Trudeau. China has an abominable human rights record. We should not be allowing capital from this country to enter Canada without scrutiny of a deep dish sort. I feel that if the investors in this company cannot be isolated, we should not let them do business in Canada.

Where are these investors getting such major cash? And what will it mean for Canadians as more Canadian assets enter the hands of Chinese investors?

http://www.businessinsider.com/r-chairman-of-chinas...
Based in Beijing, Anbang manages some 1.65 trillion yuan ($240 billion) worth of assets, and has been involved in some high-profile deals, including buying control of Fidea, a Belgium-based insurer, and the Belgian banking operations of Dutch insurer Delta Lloyd.
LikeReplyJust now
Gordon Anderson
The Liberals did nothing, other than to turn a blind eye, because they, like the Conservatives before them, are under the complete and total control of the Chinese Govt. Trudeu simply does what Beijing tells him to do.

It's time for Canadians to stand up and make it very, VERY clear to the Govt. that this is NOT in any way, shape, or form, acceptable. Contact your local MLA and make it clear that these "deals" are not acceptable. Do whatever it takes. Protest, do interviews with local and national papers. The same with TV networks, both in Canada and internationally. We can no longer just sit back and let this happen, time and again.
Therese Parsons
It's no secret they took over Vancouver and the lower mainland. the gov't sold us out to the Asians.
LikeReply3Feb 27, 2017 10:31pm
Rowan Silva ·
Justin Trudeau is an absolute danger to Canada and should be sent to jail
LikeReply4Feb 27, 2017 10:25pm
Peter Lahay ·
Trudeau is selling out Canada at five times the speed of the rotten Harper government. Who saw this level of scam deals coming?
LikeReply2Feb 27, 2017 10:11pm
Tim Thums
Now we see the fruits of Trudeau's cash for access fundraisers that he has kept hidden from Canadians. One more step in selling off our assets, first our housing stock in Vancouver and Toronto through money laundering, the immigrant investor scam program, and now it continues with other assets. Trudeau should be held accountable.
LikeReply8Feb 27, 2017 6:41pm
Lorne Roman
Trudeau didn't sell out BC, Christy the Crook did and if you recall it was Harpo that sold our country to China in bad trade deals.
LikeReply1Feb 27, 2017 8:55pm
Tim Thums
Lorne Roman Of course corrupt Christy did, but Trudeau has substantially increase immigration levels and has done nothing to overhall Canada's lax money laundering laws. He's also made Mcallum an ambassador to China. Having a shady Chinese company buy a Seniors Home company without any scrutiny is bordering on incompetence or flagrant viloation of laws. Let's see Trudeau weasel his way out of this one. Yes, Harpo has done a lot more damage to this country beyond bad trade deals. Guttting environmental laws, giving massive subsidies to big oil, muzzling scientists....I'm to tired to keep going...
LikeReply3Feb 27, 2017 9:36pm
Ian Hynds ·
China's main ally is a loose cannon called North Korea. China is not a friend of Canadians, period.
LikeReply8Feb 27, 2017 12:13pm
B.K. Anderson
Get rid of Trudeau. He doesn't give a rat's behind about Canadians.
LikeReply12Feb 27, 2017 11:35am




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