May 28, 2018 / 12:01 PM / 10 months ago

China's Anbang says investor selection work under way

A man walks past the office of Anbang Insurance Group in Beijing, China, February 23, 2018. REUTERS/Thomas Peter

BEIJING (Reuters) - China’s Anbang Insurance Group said on Monday that the selection process for a strategic shareholder has begun, reiterating that it has ample cashflow and is operating normally after its state-backed bailout.

In April the banking and insurance regulator approved a60.8 billion yuan ($9.5 billion) state capital injection aimed at smoothing Anbang’s transition as it sought private investors after its former chairman was sentenced to 18 years in jail amid Beijing’s crackdown on financial risk.

($1 = 6.3971 Chinese yuan renminbi)

Reporting by Beijing Monitoring Desk; Editing by David Goodman

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