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Anbang under pressure to sell Waldorf as China clampdown escalates

Its days as one of China's most influential firms are clearly over, says analyst
Wednesday, August 2, 2017 - 05:50

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Anbang's rise was fuelled by sales of investment products that offered among the highest yields in the industry. But its buying binge fizzled as authorities cracked down on such products this year.

Beijing

WHEN Anbang Insurance Group Co agreed to buy New York's iconic Waldorf Astoria hotel for US$1.95 billion in 2014, the world took notice. It was a defining moment in the global rise of China Inc, a deal that would help kick off one of the greatest acquisition sprees in history.

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