The China Insurance Regulatory Commission (CIRC) has seized control of Chinese insurance conglomerate Anbang - owner of Strategic Hotel and Resorts in New York. The action shows how serious the Beijing government is about reducing financial risk, as it continues to strengthen curbs over capital outflows. As a result of the regulator's steps, Strategic Hotel and Resorts and properties under the Waldorf Astoria are now under control of the Chinese government. Anbang has been involved in highly leveraged overseas acquisitions over the past few years, and its Chairman Wu Xiaohui is facing embezzlement and fraud charges.
The China Insurance Regulatory Commission (CIRC) has seized control of Chinese insurance conglomerate Anbang - owner of the Waldorf Astoria in New York. The action shows how serious the Beijing government is about reducing financial risk, as it continues to strengthen curbs over capital outflows. As a result of the regulator's steps, the Waldorf Astoria and properties under Strategic Hotel and Resorts are now under control of the Chinese government. Anbang has been involved in highly leveraged overseas acquisitions over the past few years, and its Chairman Wu Xiaohui is facing embezzlement and fraud charges.