The China Insurance Regulatory Commission is preparing to reject plans by Anbang Insurance Group to take over Starwood Hotels & Resorts Worldwide, owner of Sheraton and Westin, Caixin reported, citing an unnamed source. The source claimed the regulator took a dim view of the Starwood deal as well as another bid by Anbang to buy Strategic Hotels & Resorts from investment firm Blackstone because both would break rules banning mainland insurers from investing more than 15% of their assets abroad. Marriott recently outbid Anbang for Starwood with an offer of US$13.6 billion. Anbang bought New York’s historic Waldorf Astoria hotel in 2015.
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