SHANGHAI :
China's Insurance Regulator Disclaims Any Link With Anbang Insurance's Foreign Asset Sales
Shen Weijia
DATE:  Aug 03 2017
/ SOURCE:  Yicai
China's Insurance Regulator Disclaims Any Link With Anbang Insurance's Foreign Asset Sales China's Insurance Regulator Disclaims Any Link With Anbang Insurance's Foreign Asset Sales

(Yicai Global) Aug. 3 -- The China Insurance Regulatory Commission (CIRC) has no plans or arrangements in place for and has imposed no requirements on the decision of Anbang Insurance Group of whether to sell USD10 billion worth of its previously-acquired foreign assets, CIRC spokesman Zhang Zhongning said at a press briefing today. 

The Chinese government requested that the company sell off more than USD10 billion worth of its foreign assets, including its Waldorf Astoria Hotels, but Anbang Insurance denied reports of the alleged asset sale shortly thereafter, Bloomberg News reported July 31. 

"The company has no plans to sell its overseas assets," an official responsible for Anbang's US operations told Yicai Global.

This development underscores Beijing's desire to curb the enthusiasm of Chinese firms for splurging gargantuan sums on 'white-elephant' foreign assets. 

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Keywords:   RUMORS,Anbang,Overseas Assets,Insurance,Financial Regulation,Assets Sale