Chinese boom-and-bust dulls Waldorf Astoria glitter

New York City’s fabled Waldorf Astoria, now undergoing massive renovation, has become a symbol of overzealous Chinese entrepreneurship as its buyer languishes in prison and his government holds the hotel’s reins. The meteoric rise and fall of Wu Xiaohui’s Anbang Insurance Group Co. was among several corporate failures prompting Beijing to step in and reverse the acquisition spree of the 2010s.