Chinese authorities ask Anbang to sell overseas assets
Insurance group says no plans to sell
China has asked Anbang Insurance Group to get rid of its overseas assets and bring proceeds back to China, Bloomberg reports, citing people familiar with the matter.
Anbang’s high-profile overseas buying spree notably included its 2014 acquisition of the iconic Waldorf Astoria hotel in New York.
“Anbang at present has no plans to sell its overseas assets,” the company said in a WeChat message. “Currently, Anbang’s various businesses and operations are all normal, and the company has ample cash and sufficient solvency capabilities.”