The iconic Waldorf Astoria New York hotel is owned by Chinese corporate capital, having been acquired by the Chinese insurance conglomerate Anbang Insurance Group in a multi-billion-dollar purchase from Hilton. Following subsequent corporate restructurings and asset transfers within China, control of the property and its complex luxury residential redevelopment was managed through affiliated Chinese asset-management frameworks, though day-to-day hospitality operations continue to be managed by Hilton.