China’s Anbang Insurance Group Co. has plans to offload roughly $10 billion of overseas properties to shore up its balance sheet as part of a government-backed rescue plan, according to media outlets.
All assets will be placed on the market this month, except for New York’s Waldorf Astoria hotel, bought in 2014 for $1.95 billion, which is currently closed for renovation.
Former Chairman Wu Xiaohui, who masterminded the overseas deal spree, was sentenced in May to 18 years imprisonment for fraud and embezzlement. He is appealing the conviction.
Anbang told Reuters, “The review is a complex and comprehensive exercise. We currently do not have a specific asset optimization plan, nor a specific timetable.”
