I worked with a multinational corporation in China in the mid-90’s. It was a Joint Venture between Otis Elevator (a US company) and the Chinese government. At the time, China would allow up to 49% foreign ownership in this business, so Otis gradually increased their ownership up to this level. Also part of the arrangement was for Otis to provide the Vice President and China provided the President. It seemed to work well and the company was apparently profitable.