Trump administration to seize stake in Chinese-owned building

"The 58-year-old building, once removed by CFIUS from Chinese hands, sources said, will be placed in a trust. A trustee will then be appointed, and it may eventually be sold — although no sales process is underway.

HNA could fight the seizure in a court battle that could take years to sort out, sources said.

The move by President Trump to force the removal of the Chinese from 850 Third comes as the Washington and China are in a trade war.

The mysterious Chinese conglomerate, whose executives are believed to include Beijing officials, made headlines in January 2017, when it agreed to buy Anthony Scaramucci’s majority stake in hedge fund SkyBridge Capital.

Scaramucci looked to sell his holding ahead of an expected job in the Trump administration. He would become White House communications director, a job that lasted 10 days.

In April, HNA, under pressure from CFIUS, backed out of the SkyBridge deal.

HNA is deep in debt after a multiyear, $50 billion global real estate acquisition spree."

https://nypost.com/2018/08/08/trump-administration-to-seize-stake-in-chinese-owned-building/