As the country's insurance regulator ramps up supervision of the sector, Chinese authorities have allegedly asked Anbang Insurance Group to sell its overseas assets.
Anbang chairman Wu Xiaohui has been detained for questioning since mid-June, by Chinese authorities, while the policies fueling the company's growth have been all but banned by regulators.
A report by «Bloomberg» claims the Chinese government has asked Anbang to sell off its overseas investments and bring the proceeds back to China.
Record Price Paid
The overseas holdings Anbang has acquired include life insurers in the Netherlands, South Korea, and the United States, and a famous New York landmark.
Anbang agreed to buy the Waldorf Astoria in New York for $1.95 billion in 2014, a record for a single American hotel.
Anbang brushed off the report. It said in a statement that it had «no plans to sell its overseas assets at the moment», adding its businesses and operations were running as normal.
