The Canadian province of British Columbia launched a review of the ownership structure of Retirement Concepts, after the Chinese government seized control of Anbang Insurance Group Co. Ltd., the owner of the retirement-home operator, The Globe and Mail reported March 14.
China's insurance regulator seized Anbang Insurance Group in February, saying the company "broke insurance laws" and damaged its solvency. The company's founder and then chairman, Wu Xiaohui, was accused of "economic crimes."
Adrian Dix, health minister for the government of British Columbia, said the circumstances around Anbang are "the subject of concern."
He expects Anbang to follow through on its commitment to ensure Retirement Concepts remains the operator of the homes for three years, the report said, noting the government could take action if it concludes the company's ownership structure has changed.
"This temporary change in management at Anbang will not impact the operations of Retirement Concepts," according to a company statement, which added it will continue to provide locally managed services.
The Canadian government approved the sale of Retirement Concepts to Anbang in February 2017, in a deal reportedly worth more than C$1 billion.
