China's Anbang Insurance Group said it will sell its entire stake in a heal...
BEIJING - China’s Anbang Insurance Group said it will sell its entire stake in a health insurance unit as Beijing speeds up asset disposals at the troubled government-controlled insurance conglomerate.
Anbang said it would sell 77.7% of its stake in Hexie Health Insurance through its property and casualty insurance subsidiary, and the remaining portion to five companies including Fujia Group, a private commerce company.Anbang did not reveal the size of the deal, which requires approval from the China Banking and Insurance Regulatory Commission .
More than 1 trillion yuan worth of Anbang assets had been or were in the process of being disposed, CBIRC Vice Chairman Liang Tao told reporters on Thursday. The Chinese government took control of Anbang in February last year, part of a sweeping campaign to reduce financial risk. The company’s former chairman, Wu Xiaohui, was later sentenced to 18 years in prison for fraud and embezzlement.
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