Huge mistake
It's not trivial to set up a new fab, often it is prohibitively expensive or next to impossible.
I think the biggest problem is why someone would like to sell such fab to Chinese (or anyone else for that matter).
There is a chip shortage and such companies are making a killing. If it does not make sense to do that business here (otherwise why would you sell it) then there is something seriously wrong with the economy.
Biting the hand that feeds IT
