Anbang Insurance

About Anbang Insurance

Anbang Insurance was seized by the Chinese government in February 2018. Founder Wu Xiaohui was sentenced to 18 years for fraud and embezzlement. Anbang had acquired the Waldorf Astoria in New York for 1.95 billion and other trophy assets. The Chinese government formed a working group to run Anbang. In 2019, Anbang was restructured into Dajia Insurance Group. The Waldorf Astoria and other foreign assets were sold. Approximately 1.5 trillion yuan in assets were restructured. The Anbang seizure was part of a broader Chinese government campaign against companies that had acquired foreign assets using excessive leverage. Dalian Wanda, Fosun, and HNA were also forced to reduce debt and sell assets. The campaign demonstrated the Chinese governments willingness to rein in private conglomerates.