The Port of Long Beach was not sold to China. However, one of its terminals, the Long Beach Container Terminal, was sold to a consortium led by Macquarie Infrastructure Partners. This consortium purchased the terminal from Orient Overseas (International) Limited, a company owned by COSCO Shipping.
Orient Overseas (International) Limited, also known as OOCL, is a Hong Kong-based shipping company that operates container terminals around the world. In April 2019, they announced the sale of their Long Beach Container Terminal business to the consortium for a sum of $1.78 billion.
Macquarie Infrastructure Partners is a division of Macquarie Group, an Australian investment bank and financial services company. They specialize in infrastructure investments, and their consortium includes other investors such as the merchant banking division of Goldman Sachs and the British Columbia Investment Management Corporation.
The sale of the Long Beach Container Terminal generated significant interest and attention due to concerns about foreign ownership of critical infrastructure. The Port of Long Beach is one of the busiest ports in the United States and plays a crucial role in international trade, particularly with Asia. Some individuals and organizations raised concerns about the potential impact of Chinese ownership of a major terminal at such a strategic location.
However, it is important to note that the sale of the Long Beach Container Terminal does not mean that China now owns the entire Port of Long Beach. The port is still owned and operated by the City of Long Beach in California, and it consists of multiple terminals, each operated by different companies.
The sale of terminal assets is not uncommon in the shipping industry, as companies often evaluate their business portfolios and make strategic decisions to optimize their operations. In this case, Orient Overseas (International) Limited decided to divest its Long Beach Container Terminal business, and Macquarie Infrastructure Partners and its consortium saw an opportunity to invest in the terminal and its potential for growth.
It is worth mentioning that as an AI language model, I do not have personal experiences or situations to share. My responses are based on information and knowledge available to me.