Investigative reporter Peter Schweizer says Americans deserve to know what sort of promises were made as Chinese elites paid the family of President Joe Biden $31 million in a series of business deals.
Writing Thursday in the New York Post, Schweizer laid out details of five China-related deals — totaling $31 million — that Joe Biden’s son, Hunter, was involved in.
Hunter Biden’s lawyer said in October 2019 that Hunter would step down from the board of Bohai Harvest RST, or BHR — a Chinese investment fund — “without receiving any return on his investment or shareholder distributions,” Schweizer wrote.
But that wasn’t the whole story, he added.
“What Team Biden failed to address was the fact that Hunter Biden still owned a stake in the investment fund, said to be 10%,” Schweizer wrote.
“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,” he added.
But that number is likely way off, University of Chicago Booth School of Business private equity expert Steve Kaplan told Schweizer.
“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,” Schweizer reported.
Hunter Biden has since claimed to have sold his stake, the reporter added. But questions remain, he said.
“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,'” Schweizer noted.
According to Schweizer, Che has extensive ties to China’s intelligence apparatus.
And that’s not all.
“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,” Schweizer reported.
“But more troubling — Zhao was at that time business partners with Jia Liqing, the daughter of the former minister of state security, Jia Chunwang,” he added. “In short, he was in charge of espionage, domestic and overseas intelligence work for China.”
Financially speaking, the BHR deal was potentially the largest one which Schweizer detailed Thursday. But it’s not the only one he thought it was worth taking note of.
According to Schweizer, Zhao co-founded a business with Jia, Harvest Global Investments, that at one point wired $5 million to another of Hunter Biden’s companies, Burnham Asset Management.
“The purpose of this payment is unclear, but it may have been intended as an investment in Hunter’s business,” Schweizer reported.
The reporter went on to detail a third deal involving Rosemont Realty, a real estate firm co-founded by Hunter Biden.
Biden was looking for a Chinese buyer to purchase the firm, and after initially striking out, “he and his partners received an ‘unsolicited offer’ from a Hong Kong-based firm called Gemini Investments,” Schweizer said.
And Gemini “is controlled by something then called Sino-Ocean Land, which was also chaired by the head of China Ocean Shipping Corporation (COSCO),” he added, before explaining that COSCO is believed to have close ties to Chinese intelligence.
It’s not clear exactly how much money Hunter Biden made from this deal, “but emails reveal at least one payment of approximately $188,000 from Rosemont Realty to Hunter Biden,” Schweizer reported.
The next deal Schweizer detailed may have also involved Joe Biden’s brother (and Hunter’s uncle), James Biden.
“Ye Jianming, a wealthy Chinese businessman and the head of CEFC China Energy, provided $6 million to the Biden family, according to a Senate investigation into Hunter’s activities,” the reporter said.
“In early 2017, one month after his father left office as vice president, Hunter Biden worked for Ye as a counselor and adviser, and Joe Biden’s brother James received some of the funds that Ye transferred to Hunter,” he added. “Five million came in the form of a forgivable, interest-free loan.”
Ye, Schweizer said, has a “close relationship with both the Chinese military intelligence apparatus and the government.”
The final deal also involved CEFC and Ye, Schweizer said.
“In 2017, one of Ye Jianming’s ‘top lieutenants,’ Patrick Ho, was arrested on bribery charges by the FBI for offering money to African officials in exchange for energy deals,” he reported.
Ye got in touch with James Biden in an effort to find Hunter, who was ultimately hired to be Ho’s defense attorney and paid a $1 million fee, Schweizer said.
According to Schweizer, these deals may have helped Joe Biden, too.
“In a text to his daughter, Hunter Biden insinuated that he was giving half his salary to ‘pop.’ This is more than hyperbole,” he reported. “Email records back him up to the extent that they show Hunter’s businesses paying some of his father’s bills while he was vice president of the United States. This means that Joe Biden benefited from these financial deals that happened courtesy of executives linked to Chinese spies.”
Americans, Schweizer said, deserve transparency.
“Americans deserve answers as to why the Bidens received some $31 million and what promises or influence it bought,” he wrote. “If Washington is to restore what’s left of its credibility, Congress must launch wide-ranging and serious investigations into the Biden family’s China cash haul and the resultant national security implications.”