Meet Wu Xiaohui – the man behind Anbang’s big bang from no-name to heavy hitter
The troubled tycoon is a member of the nouveau riche who amassed huge wealth by taking advantage of his ties with those in power
Anbang Insurance chairman Wu Xiaohui has been one of the most aggressive buyers of property in the United States.
He bought the Waldorf Astoria hotel in New York for US$1.95 billion in 2014, was involved in a high-profile bidding war for Starwood Hotels last year, and has had talks with Jared Kushner, the son-in-law of US President Donald Trump, about buying into a skyscraper project in Manhattan.
On the mainland, the tycoon was known for his ties to the country’s most powerful families, including his marriage to a granddaughter of late paramount leader Deng Xiaoping.
In recent weeks, Wu, 50, had been embroiled in a war of words with influential mainland magazine Caixin and its editor-in-chief Hu Shuli over allegations of irregularities in Wu’s US$300 billion business empire.
There had been rumours for some time that Wu was in trouble, but Anbang repeatedly denied the speculation. On Tuesday night, Caijing, another Chinese- language magazine, reported that Wu had been taken away for investigation. Just hours later, Anbang said in a brief statement that Wu could not perform his duties “for personal reasons” and other executives would take over in his stead.