China's Anbang Ordered To Sell Assets

China's Anbang Ordered to Sell Assets Like Waldorf=Astoria New York and Other Hotels - BoardingArea

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China’s Anbang Insurage Group, which owns the Waldorf=Astoria New York and other hotels in the U.S. and which tried to buy Starwood before ultimately being outbid by Marriott, has been ordered by the Chinese government to sell overseas assets and repatriate the proceeds to China. Anbang says they have no plans to do that.

Anbang’s Chairman was detained last month.

Chairman Wu Xiaohui is married to Deng Xiaoping’s granddaughter. Anbang director Chen Xiaolu’s father was a military commander who served Mao Zedong. Levin Zhu, son of a former Chinese Premier, has been listed as an Anbang director though has publicly said he never agreed to be on the board.

 

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