Anbang denies investment in Trump son-in-law’s flagship New York office block

Insurer’s spokesperson said the report about Anbang paying US$400 million to Jared Kushner as part of an overall US$4bn deal “not correct”

PUBLISHED : Wednesday, 15 March, 2017, 4:06pm
UPDATED : Wednesday, 15 March, 2017, 10:55pm

Anbang, China’s insurance conglomerate and an active overseas acquirer, has denied a report it is set to pay US$400 million as part of a group of investors buying a US$4 billion office block owned by President Donald Trump’s son-in-law and senior adviser

“The information about Anbang’s investment in 666 Fifth Avenue is not correct, there is no investment from Anbang for this deal,” a spokesperson with the firm said in a statement on Wednesday.

The company did not elaborate further if it was in talks, nor exclude the future possibility in purchasing the asset.

Bloomberg on Tuesday named Anbang Insurance Group as an investor in a US$4 billion deal to buy Jared Kushner Manhattan 41-floor office tower at 666 Fifth Ave, with terms “unusually favourable for the Kushners”.

Asked about the deal at a news conference the White House spokesman Sean Spicer referred questions back to the Kushner Companies.

“Jared went through extraordinary lengths” to comply with conflict-of-interest rules,” he added.

Anbang and its chairman Wu Xiaohui made global business headlines in 2014, when it bought the New York based historic Waldorf for US$1.95 billion.

He is also known in China as an extraordinary well-connected businessman, being the son-in-law to former Chinese leader Deng Xiaoping.

US President Donald Trump plans to host Chinese President Xi Jinping in Florida next month for a summit weighted with immense economic and security implications, a US media portal reported on Monday.

The Fifth Avenue property was bought by Kushner Cos in 2006 for US$1.8 billion, which at the time was the highest price paid for a single building in Manhattan. The company’s spokesperson said it “is in active discussions around 666 5th Avenue, but nothing has been finalised”, Reuters reported.

The New York Times reported in January that Anbang chairman Wu and Jared Kushner were nearing agreement on a joint venture to redevelop the building.