April 12, 2018 / 3:23 PM / a year ago

China’s Anbang in talks with banks to advise on asset sales – source, media report

BEIJING, April 12 (Reuters) - Anbang Insurance Group Co Ltd, previously one of China’s most aggressive buyers of foreign assets, is talking to investment banks as it seeks advice on possible asset sales, according to a source with direct knowledge of the matter and who confirmed a media report.

The Chinese government in February seized control of Anbang and said its chairman had been prosecuted for economic crimes, as Beijing cracks down on risks to the country’s financial system.

Anbang’s equity structure - best known for acquiring New York’s landmark Waldorf Astoria hotel - is to be overhauled while the insurance giant maintains normal operations, to protect the rights and interests of clients and stakeholders.

Bloomberg earlier on Thursday cited people with knowledge of the matter as saying the Chinese insurer had held interviews with banks to advise on potential asset divestments.

Anbang could not be immediately reached outside business hours for comment. (Reporting by Shu Zhang and Ryan Woo Editing by Alexandra Hudson)

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