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China's Anbang, eyeing asset sales, start talks with banks: source

Reuters  |  BEIJING 

(Reuters) - Group Co, once among China's most aggressive overseas dealmakers that has been seized by the government, is in talks with to advise it on selling some businesses, said a person with direct knowledge of the matter.

The took temporary control of Anbang, the owner of New York's hotel, in February and said its had been prosecuted for economic crimes, as cracks down on risks to the country's financial system.

Under the government's watch, Anbang's equity structure is to be overhauled, with a capital injection from private strategic investors. The giant will maintain normal operations during the revamp.

reported on Thursday, citing people with knowledge of the matter, that the Chinese insurer had held interviews with to advise on potential asset divestments. It said may also get advice to find the new investors.

An said on Friday the company currently does not have a plan to sell assets.

The source declined to be named as the process is not public.

Anbang, which began to run into roadblocks after a spate of high-profile deals worth over $30 billion, has said it fully supports the government's plan and remains committed to the development of its overseas subsidiaries.

In the United States, Beijing-based bought the for $1.95 billion in 2014.

Besides Waldorf, Anbang's overseas assets include Tongyang Life in South Korea, which it acquired in 2015, Dutch insurer Vivat, and Retirement Concepts, the retirement in British Columbia,

(Reporting by and Ryan Woo; Writing by Sumeet Chatterjee; Editing by and Muralikumar Anantharaman)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, April 13 2018. 10:10 IST