Has just stolen more American property. Sort of like what happened to the Chrysler bondholders, but quite a bit less subtle.
I also note that Chavez is now allowing Chinese oil investment. Key difference: while the Western powers indulge in handwringing as their citizen's property is stolen, one expects that the Chinese investment is perfectly safe from expropriation.
Because Chavez probably wouldn't see the end of the day in which he screwed with China.