China orders Anbang to sell Waldorf Astoria, other foreign assets

China has ordered Anbang Insurance Group, the conglomerate which owns New York's historic Waldorf Astoria hotel, to sell its overseas assets, Bloomberg News reported Monday. The financial news agency, which cited unidentified people familiar with the matter, said Chinese authorities have told Anbang to bring the proceeds back to China after disposing of holdings abroad.
The company denied the claims, telling Bloomberg in a statement: "Anbang at present has no plans to sell its overseas assets." "Currently, Anbang's various businesses and operations are all normal, and the company has ample cash and sufficient solvency capabilities."
The news comes less than two months after the departure in June of the firm's president Wu Xiaohui, who was also reported to have been detained. Chinese magazine Caijing said at the time that regulators may be investigating Anbang's compliance with insurance products or insurance fund investments.