With U.S. Secretary of State John Kerry looking on, U.S. Vice President Joe Biden raises his glass to toast Chinese President Xi Jinping at a State Luncheon in the Chinese President’s honor at the U.S. Department of State in Washington, D.C., on September 25, 2015. [State Department photo/ Public Domain]
For those wondering why Joe Biden is soft on China, consider this never-before-reported revelation: the Biden family has done five deals in China totaling some $31 million arranged by individuals with direct ties to Chinese intelligence — some reaching the very top of China’s spy agency.
Indeed, every known deal that the Biden family enjoyed with Beijing was reached courtesy of individuals with spy ties. And Joe Biden personally benefitted from his family’s foreign deals.
What are these deals? And who are the individuals who made them happen for the Bidens?
Here, then, are a few key facts about the Biden family’s five million-dollar-plus deals with individuals in bed with Chinese intelligence.
DEAL #1: BOHAI HARVEST RST Payout: Estimated $20 million
In 2018, I was the first to report on Hunter Biden’s involvement with a Chinese investment fund called Bohai Harvest RST (BHR). Hunter even introduced his dad to a company executive in December 2013 when father and son flew to Beijing on Air Force Two.
In October 2019, Hunter Biden’s lawyer George Mesires said that Hunter would be resigning from the BHR board, without receiving any return on his investment or shareholder distributions.
What Team Biden failed to address was the fact that Hunter Biden still owned a stake in the investment fund, said to be 10%.
When I first reported on Hunter Biden’s China ties in 2018, Team Biden denied that they existed. Then they absurdly claimed that his stake in the BHR investment fund was only $420,000.
Steven Kaplan, who conducts research on issues in private equity, venture capital, entrepreneurial finance, corporate governance and corporate finance at the University of Chicago Booth School of Business, said that a private equity fund with $2 billion under management will typically generate fees over its life of hundreds of millions of dollars.
“It is difficult to imagine, if not incomprehensible, that a 10% stake in those economics is worth only $420K,” Kaplan said via email. “The distinction they appear to be making is they capitalized the management company with $4.2M even if the fund manages $2B. The value of that management company is likely far in excess of $4.2M if they are managing $2B.”
Kaplan pointed to two large publicly traded private equity firms for reference, both of which have a market value of about 10% of the assets under their management. Using that as a rough guide, that would put the value of Hunter Biden’s share closer to $20 million, he said.
Two months ago, Hunter Biden’s lawyer said he sold his equity stake. They have not disclosed how much he made.
But courtesy of the Hunter Biden emails on his abandoned laptop, we now know two of the key individuals who made that deal happen. And at the time, they had close ties to the very top of the Chinese intelligence apparatus.
A Chinese tycoon named Che Feng, a k a “The Super Chairman,” played a key role in getting the deal going by introducing Hunter and his partners to large Chinese state-backed investment funds. Hunter saw a big payday. As he wrote in one email to business partner Devon Archer, “I don’t believe in lottery tickets anymore, but I do believe in the super chairman . . . I think the sky’s the limit.”
Who exactly is Che Feng?
At one time, he was business partners with the then-Vice Minister for State Security in China, which is China’s KGB.
This man was reportedly the director of the ministry’s No. 8, Bureau, which targeted foreigners with its intelligence apparatus — including reporters, diplomats, and businessmen. It was also reported that he oversaw intelligence operations for North America.
Another key figure in putting this investment deal together was Zhao Xuejun (a k a Henry Zhao) of Harvest Fund Management. Zhao is a communist party official. (“The mission of our Party is to bring happiness to people, and to revive the nation for people,” he has said.)
But more troubling — Zhao was at that time business partners with Jia Liqing, the daughter of the former Minister of State Security, Jia Chunwang.
In short, he was in charge of espionage, domestic and overseas intelligence work for China. Jia was famous during his tenure for developing China’s “deep water fish” (Chendi yü) strategy of developing thousands of special agents on foreign soil.
Zhao was also a key figure for Biden prospects in China. His fund participated in BHR where Hunter Biden received a board seat. The business that he cofounded with Jia Liqing, Harvest Global Investments, also figures in Deal #2.
DEAL #2: BURNHAM ASSET MANAGEMENT Payout: $5 million
Hunter Biden had another company called Burnham Asset Management. According to court documents filed by disgruntled investors, Harvest Global wired Burnham $5 million.
The purpose of this payment is unclear, but it may have been intended as an investment in Hunter’s business.
According to emails obtained from Hunter Biden’s laptop, Zhao may have sent other money, too.
“Henry remains committed to also making something work with myself and Hunter outside of this Burnham matter as mentioned before,” business partner James Bulger wrote. “He has a few interesting ideas.”
Zhao had suggested to Hunter and his business partners that he would structure a deal they estimated would be “putting money directly into our pockets.”
Devine goes on to detail more deals at the NY Post.
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