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Report: China taps advisers to unwind Anbang investments

Chinese regulators appointed China International Capital Corp. Ltd. and UBS Group AG to advise them on plans to unwind Anbang Insurance Group Co. Ltd.'s investments, people with direct knowledge of the matter told the Financial Times.

The move came as the regulators prepare to strengthen their control of the group and develop a process to unwind its investments worth tens of billions of dollars. The regulators seized control of Anbang in February for up to two years. Later in May, the company's former chairman, Wu Xiaohui, was sentenced to 18 years in prison for fraud and embezzlement.

Wu is likely to appeal his sentence, according to the people.

The assets of Anbang, one of the most acquisitive Chinese companies between late 2014 and 2016, have been divided into two groups: its real estate holdings and financial holdings, the FT reported. Apollo Global Management LLC, Blackstone Group LP, Cerberus, J.C. Flowers & Co. LLC and KKR & Co. LP have expressed interest in the potential sale of the group's assets.