Anbang under pressure to sell Waldorf as China clampdown escalates

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.

But now the Waldorf, along with more than US$10 billion of Anbang's other deals, could become symbols of corporate China's rapidly shrinking global ambitions. Chinese authorities have asked the embattled insurer to sell its offshore assets and bring the proceeds back home, according to people familiar with the matter, who asked not to be identified because the details are private.