China is getting out of the Anbangbailout business, aiming to sell nearly 99% of the fallen insurance giant’s remains, now valued at RMB 33.6 billion ($5.2 billion), public records show, reported Caixin.
The sale, which runs until Aug. 12, marks the government’s latest effort to put Anbang Insurance Group’s remaining assets back into private hands and recoup as much of its bailout funds as possible three years after taking over the scandal-ridden insurer. The restructuring is widely seen as a template for how China deals with debt-ridden companies that are considered too big to fail.
Industry bailout fund firm China Insurance Security Fund and oil titan Sinopec Group, both state-owned, have put up for sale their respective 98.23% and 0.55% stakes in Dajia Insurance Group, the company created to take over the assets, according to a post released Friday by the Beijing Financial Assets Exchange.
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