Beijing is in talks with investors over the sale of all, or part, of its 98% stake in Dajia Insurance, the group formerly known as Anbang that was taken over by the state in 2017 when Wu Xiaohui, its chairman, was accused of fraud, reported the Financial Times.
Anbang had become one of China’s most acquisitive companies, building a sprawling portfolio of banking, insurance and property assets ranging from the Waldorf Astoria in New York to insurance assets in South Korea.
Regulators took control of the company when Wu was detained in 2017. Last year, the company required a $10 billion state bailout from the China Insurance Security Fund and Wu was sentenced to 18 years in prison for fraud.
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