Anbang Insurance Group and local competitors are being examined by China's insurance regulator as concerns grow about the sector’s aggressive investment policies.
The order to inspect Anbang, along with Shenzhen-based Funde Sino Life Insurance and at least one other group comes from the highest echelons of the central government, according to a person with close ties to Beijing.
Anbang has been on an overseas acquisition spree that includes the $2bn purchase of New York’s Waldorf Astoria hotel, a $6.5bn deal to buy Strategic Hotels & Resorts and an unsuccessful $14bn bid for Starwood Hotels & Resorts.
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