The Wall Street Journal by By Stella Yifan Xie and Jason Douglas 7/23/2023
Investors who once bought New York City hotels are placing funds elsewhereJust a few years ago, Chinese money was rippling across the rich world. Chinese investors were making blockbuster deals and snapping up trophy assets, from luxury homes and five-star hotels in New York to a Swiss chemical company and a German robotics giant.
That era is over.
Chinese investment is retreating from the West as hostility to Chinese capital has grown. Increasingly, Chinese companies are instead spending money on factories in Southeast Asia and mining and energy projects in Asia, the Middle East and South America, as Beijing seeks to cement alliances in those places and secure access to critical resources.
The biggest recipient of Chinese investment so far this year is nickel-rich Indonesia, according to a preliminary estimate of Chinese investments compiled by the American Enterprise Institute, a conservative think tank, and viewed by The Wall Street Journal. Nickel is a key component in many of the batteries used to power electric vehicles.
The shift in investment flows shows how China is responding to souring relations with the U.S.-led West, and is strengthening trade and investment links with other parts of the world, in ways that could create new fault lines in the global economy.
More:
https://www.wsj.com/articles/chinese-money-flees-the-western-world-673d9bbb?mod=djemalertNEWS
