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Chairman of China's Anbang bullish on Europe's 'cheap assets'
March 18, 2017 / 9:55 AM / 9 months ago

Chairman of China's Anbang bullish on Europe's 'cheap assets'

BEIJING (Reuters) - The chairman of China’s privately-held Anbang Insurance Group said at the China Development Forum on Saturday he is bullish on investing in Europe despite great uncertainty over issues including refugees, economic challenges and rising populism.

Chairman of Anbang Insurance Group Wu Xiaohui attends the China Development Forum in Beijing, China March 18, 2017. REUTERS/Thomas Peter

Europe has “very cheap assets” and Chinese investors can take advantage of cheap funding to acquire companies with good technology, said Anbang Chairman Wu Xiaohui.

Regarding the chances of a “black swan” event in Europe, “if we combine Europe with China, I believe the chance of a black swan will be very small,” Wu told the forum.

A “black swan” event is one that occurs outside of expected patterns or norms of a given situation and that is extremely difficult to predict.

Anbang, established in 2004 as an auto insurer, has emerged as one of China’s most aggressive buyers of overseas assets in the past two years, spending more than $30 billion buying luxury hotels, insurers and other property assets. Based in Beijing, Anbang manages some 1.65 trillion yuan ($240 billion) worth of assets, and has been involved in some high-profile deals, including buying control of Fidea, a Belgium-based insurer, and the Belgian banking operations of Dutch insurer Delta Lloyd.

Wu declined to comment on a potential plan for an initial public offering when asked by Reuters.

Reporting by Shu Zhang and Matthew Miller; Writing by Elias Glenn; Editing by Tom Hogue

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