Wang’s intention was to distance Wanda from the Xi family and defend Xi Jinping. However, his remarks inadvertently confirmed foreign media reports about the family’s past holdings in Wanda. On top of that, it was revealed that the shares were transferred to a long-time employee of the couple’s company. This unintentionally highlighted a common practice among China’s political elites: transferring shares to relatives or trusted partners to conceal business interests. This practice is often referred to as using “white gloves.”
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