Despite President-elect Donald Trump's anti-China rhetoric, his son-in-law Jared Kushner is reported to be mulling a deal with a Chinese business tycoon. The rumored negotiation is likely to take its toll on Trump's upcoming inauguration proceeds.

Kushner, a real estate developer, is reported to have met with Chinese businessman Wu Xiaohui. Kushner is married to Trump's daughter Ivanka, while Wu is the chairman of Anbang, a privately owned Chinese business group.

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The duo is said to have met as recently as Nov. 16 at the Waldorf Astoria. The meeting was reportedly regarding a potential joint venture related to the 666 Fifth Avenue building in New York City. The Waldorf Astoria property belongs to the Chinese business, which bought it for about $2 billion in 2014.

The New York Times reported that the Anbang discussions were started before Trump recorded his presidential victory. However, Risa Heller, a spokesperson for Kushner, declined to provide any financial details about the negotiations.

Kushner is believed to have hired a leading Washington law firm WilmerHale to deal with potential issues related to federal ethics law. Trump's son-in-law may seek to join the White House staff as an adviser to the president.

The Anbang chairman is also politically well-connected as he is married to the granddaughter of China's former leader Deng Xiaoping. His company is also believed to have connection to several significant Communist Party associates. 

Anbang was formed in 2004, and since then, it has grown into a multi-national conglomerate. 

TagsJared Kushner, Wu Xiaohui, Anbang