NEW YORK — The Chinese government has seized control of Anbang Insurance, according to CNN Money.
Anbang is a Beijing-based firm that has made headlines in recent years for its activity in the North American hotel/real-estate market. The company purchased the Waldorf Astoria in 2014 — which is currently closed as part of an extensive renovation project; started a bidding war with Marriott International over Starwood Hotels & Resorts Worldwide, Inc. in 2016; and acquired Strategic Hotels & Resorts from The Blackstone Group in 2016.
The China Insurance Regulatory Commission indicated that Anbang’s chairman, Wu Xiaohui, has been removed from his post and indicted for fraudulent fund raising and improperly taking company assets.
There is speculation that the Chinese government may seek to sell off many of the businesses Anbang has acquired.