Anbang asset disposal gets underway as domestic insurance unit is sold to group of five buyers
- Sale of Hexie Health Insurance reflects the first asset disposal by regulators
- Last month regulators sought to accelerate pace of asset disposals, setting up a new insurer called Dajia Insurance Group to take charge of Anbang’s routine operations
Anbang Group has sold its entire stake in Hexie Health Insurance, reflecting the first asset disposal since the state seizure of the conglomerate that was once among China’s most aggressive leveraged buyers of overseas assets.
The stake sale reflects progress in liquidating the assets of Anbang, which was taken over by the regulator overseeing the banking and insurance industries in February last year. Last month, the regulator accelerated the pace of asset disposals, setting up Dajia Insurance Group to take charge of the routine operations of Anbang.
After the stake transfer, Fujia Group will own a 51 per cent of the interest in Hexie Health Insurance while Najing Yangzi State-owned Investment Group, an arm under the Nanjing government, will have a 25 per cent stake, the statement said. The remaining stakes will be held by Zhuhai Da Heng Qin Investment, Jinke Properties and Liangyun Group, according to the statement.
