Will Anbang sell its overseas assets including the Waldorf Astoria New York hotel?
Anbang says it ‘has not received an order’ in response to a report of the government ordering the insurer to dispose of its overseas assets
China’s insurance conglomerate Anbang said it had no current plans to sell its overseas assets including New York’s landmark Waldorf Astoria hotel, refuting a media report that authorities had ordered the company to dispose of its assets and repatriate the proceeds to the mainland.
Anbang said it “has not received an order like that” in a reply to the South China Morning Post.
“Anbang at present has no plans to sell its overseas assets,” the company said in a WeChat message. “Currently, Anbang’s various businesses and operations are all normal, and the company has ample cash and sufficient solvency capabilities.”
According to a Bloomberg report on Monday afternoon that cited unnamed sources familiar with the matter, Chinese authorities have asked Anbang to sell its overseas assets and bring the proceeds back to China.
Beijing has since June, further strengthened its crackdown on companies moving their assets overseas and intensified its scrutiny to remove financial risks ahead of the crucial party leadership reshuffle this autumn.