Chinese regulators have banned Anbang — the acquisitive insurer that has snapped up trophy assets around the world — from issuing new products for three months amid a broad crackdown by the authorities on financial risk and corruption.
The suspension comes as Anbang is also engaged in a high-profile spat with Caixin, a respected financial news publisher, over an exposé alleging that the insurer’s huge 2014 capital injection was “fake”. Anbang has denied the allegation and stated its intention to sue Caixin and its chief editor.
Virtually unknown three years ago, Anbang Insurance Group has gained fame with deals including the $2bn purchase of the Waldorf Astoria, the landmark New York hotel, and the $6.5bn acquisition of Strategic Hotels & Resorts, a US group.