China tells Anbang to sell overseas assets

August 2 2017 by InsuranceAsia News Staff

The Chinese government has told Anbang Insurance to channel its overseas investments back to China and dispose of its offshore assets, according to a Bloomberg report.

Anbang is among the Chinese companies that have embarked on a buying spree overseas.

Among the insurer’s most notable acquisitions was that of the iconic Waldorf Astoria hotel in New York in 2014.

But in a WeChat message, the company said it does not have immediate plans of selling its overseas assets.

Anbang said its status as a company remains healthy with ample supply of cash and sufficient solvency capabilities.

Earlier, China’s fast-growing insurance firms have been called to support the country’s goal of strengthening the industry’s role in the development of the ‘real’ economy.

The China Insurance Regulatory Commission laid down the measures aimed at creating a sound policy environment for the insurance industry to serve the ‘real’ economy.

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