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China insurance regulator says no plans to ask Anbang to divest overseas assets

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China insurance regulator says no plans to ask Anbang to divest overseas assets

The China Insurance Regulatory Commission does not plan to ask Anbang Insurance Group Co. Ltd. to sell its overseas assets, Reuters reported Aug. 3, citing a spokesman for the regulator.

The comment comes after a Bloomberg News report that Chinese authorities asked the group to offload its overseas assets and bring proceeds back to China.

Anbang had been on an acquisition spree since 2014, purchasing New York's Waldorf Astoria Hotel for US$1.95 billion and a 63.01% stake in South Korea's TONGYANG Life Insurance Co. Ltd., among others. The government has increased regulatory scrutiny on prolific Chinese buyers of overseas assets as it sought to curb capital outflows and clamp down on high-leveraged deals.