News eDaily01 Aug 2017

China:Anbang denies it is selling overseas assets

01 Aug 2017

Anbang Insurance Group said yesterday in a statement that it has no current plans to sell its overseas assets and that its businesses and operations are "all normal".

"The company has ample cash and sufficient solvency," it said.

The statement was issued after a Bloomberg report citing unnamed sources said that Anbang, whose Chairman was detained by the authorities in June, had been told by Chinese authorities to sell its assets abroad.

Bloomberg also reported that the government has asked Anbang to bring the proceeds back to China after disposing of holdings abroad, said the people, who asked not to be identified because details are private.

Anbang is most famous for its record-breaking purchase of the Waldorf Astoria hotel in New York in 2014, as it was among the most prominent of Chinese insurers that went on a buying binge across the globe, fueled by soaring sales of investment-type insurance policies. Chairman Wu Xiaohui has been detained for questioning since mid-June, while the insurance policies fuelling its growth have been all but banned by regulators.


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