China tycoon falls from grace

Wu Xiaohui, one of China’s best known tycoon’s, has been sentenced to 18 years in prison for financial fraud, cementing the downfall of the one-time car salesman who catapulted himself to the pinnacle of global high finance over the past decade. Arash Massoudi talks to the FT’s Henny Sender and Don Weinland about what led to the former Anbang chairman’s fall from grace and what will become of the business empire he controlled - including New York’s Waldorf Astoria.