A day after raising its offer for Starwood Hotels & Resorts, Anbang Insurance Group moved to reassure investors that it can afford the $14bn price tag, reported the Financial Times. Costly borrowing has played a significant role in its global shopping spree, which took an obscure Chinese car insurer and turned it into a $290bn global conglomerate with investment strategies more akin to the world of private equity, and not a conservative insurance company. Mystery and speculation surrounds the identity of investors who boosted Anbang’s registered capital fivefold in an eight-month period in 2014.
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