Make China pay! Boris told to seize property and halt debt repayment over COVID-19 damages

Doctor Alan Mendoza, executive director of the Henry Jackson Society, told “Were the UK to pursue a claim against China and secure a judgment that mandated compensation and were China than to ignore it, we would be entitled to pursue any lawful means for collection on that judgment. The possibilities might include seizing Chinese state-owned property or halting repayment on Chinese-owned sovereign debt.” China may be the world’s second-largest economy behind the US, but it has more money in the bank than any other country.

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The China Investment Corporation, CIC, a sovereign wealth fund responsible for managing part of the People’s Republic of China’s foreign exchange reserves owns a lot of businesses, infrastructure, and property in the UK.

Chinese investment in the UK now counts ownership of 10 percent of Heathrow airport and has large either stakes or full ownership of British Steel, the National Grid, Thames Water, Hamleys, Harvey Nichols, Pizza Express, House of Fraser, Weetabix and Sunseeker yachts.

Chinese firms have bought up quintessentially British assets such as Maganese Bronze that make the countries Black Cabs and football clubs Southampton, Reading, Wolverhampton and West Bromwich Albion.

The UK does not publish information about foreign bondholders and the Chinese banks who have bought UK debt are under no obligation to publish what they own.

It has been suggested that China-registered institutions own approximately 15 percent of the UK’s debt, amounting to 267 billion pounds.

The reclamation of China-owned property, infrastructure and halting of debt repayment as a way to claim damages over the devastation caused by coronavirus has also been suggested in Australia.

MP George Christensen of the Nationals has said: “Maybe Australia can take back the land that their foreign-owned corporations have as damages”.

Treasurer Josh Frydenberg has set the dollar value which would trigger a review into a foreign investment bid to zero, meaning all foreign investment bids reviewed by the Foreign Investment Review Boarded will be weighed up against the national interest.

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Mr Christensen the treasurer understands public sentiment is against letting “state-owned corporations out of China swoop up and pick up Australian companies and Australian farmland for a song”.

Mr Christensen added: “It’s not in the national interest to have Chinese state-owned corporations owning Australian companies,”

“Unless they’re contributing something like extra jobs, growth, or new activity that’s going to benefit the whole community, you’re going to have to question whether that’s in the national interest”.

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