China Insurance Group may be forced to sell the Waldorf Astoria hotel in Manhattan as part of a crackdown by Chinese authorities, which are seeking to bring money tied up in overseas corporate assets back to the country. Anbang is looking to slow takeovers and force domestic lenders to limit their exposure to overseas deals, and over $10bn of China’s assets are currently under scrutiny by the government, which has asked that they be sold and the investment repatriated. The company said it has not received any request to sell the Waldorf Astoria and had "no plans" to sell other overseas assets.
Anbang Insurance Group may be forced to sell the Waldorf Astoria hotel in Manhattan as part of a crackdown by Chinese authorities, which are seeking to bring money tied up in overseas corporate assets back to the country. China is looking to slow takeovers and force domestic lenders to limit their exposure to overseas deals, and over $10bn of Anbang’s assets are currently under scrutiny by the government, which has asked that they be sold and the investment repatriated. The company said it has not received any request to sell the Waldorf Astoria and had "no plans" to sell other overseas assets.