China’s Anbang to sell $10B overseas properties
Friday, 07 20 2018, Category: Insurance and Reinsurance, Country: China
China’s Anbang Insurance Group Co. Ltd. is looking to offload overseas properties worth about $10 billion to shore up its balance sheet as part of a government-backed rescue, three people with knowledge of the matter said.
The sales are likely to begin within a month, said the people, who declined to be identified as they were not authorized to speak with media. New York’s Waldorf Astoria, bought in 2014 for $1.95 billion, is not part of the sale, they said. The hotel is currently closed for renovation.
Source: Insurance Journal