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Anbang To Be Investigated By China’s Insurance Regulator
China’s Insurance Regulatory Commission is planning to send inspectors to Anbang Insurance Group as the watchdog steps up scrutiny of insurance firms that invest in real estate and unlisted equities.
Anbang has been one of China’s most prominent overseas acquirers in the past two years, grabbing the Waldorf Astoria in NYC and getting into a $14B bidding war with Marriott for Starwood Hotels. These moves have been piquing the interest of regulators at home, Bloomberg reports.
At this point it isn’t clear which part of Anbang’s business inspectors will be focusing on, but signs indicate the CIRC is trying to get a better understanding of how Anbang’s core insurance businesses connect to its overseas acquisitions. [Bloomberg]
