China Slashes US Investments
China's direct investment in the U.S. has slowed to a trickle, dropping by 80% from 2016 to 2018, according to New York-based research provider Rhodium Group. Among the hardest-hit sectors are real estate and hospitality, with Chinese investors no longer scrambling to buy prime properties in cities such as New York, Chicago, San Francisco and Los Angeles. Chinese real estate investment in the U.S. tripled from 2015 to 2016, reaching a record $16.5 billion. In contrast, not one real estate and hospitality investment reached more than $100 million during 2018, the Rhodium Group found. Chinese developer Oceanwide Holdings’ U.S. footprint includes prime properties in San Francisco and Los Angeles. Construction reportedly has been suspended on one of the towers at the San Francisco Oceanwide Center, while construction has come to…