-
Advertorial
-
FOCUS
-
Guide
-
Lifestyle
-
Tech and Vogue
-
TechandScience
-
CHTF Special
-
Nanshan
-
Futian Today
-
Hit Bravo
-
Special Report
-
Junior Journalist Program
-
World Economy
-
Opinion
-
Diversions
-
Hotels
-
Movies
-
People
-
Person of the week
-
Weekend
-
Photo Highlights
-
Currency Focus
-
Kaleidoscope
-
Tech and Science
-
News Picks
-
Yes Teens
-
Budding Writers
-
Fun
-
Campus
-
Glamour
-
News
-
Digital Paper
-
Food drink
-
Majors_Forum
-
Speak Shenzhen
-
Shopping
-
Business_Markets
-
Restaurants
-
Travel
-
Investment
-
Hotels
-
Yearend Review
-
World
-
Sports
-
Entertainment
-
QINGDAO TODAY
-
In depth
-
Leisure Highlights
-
Markets
-
Business
-
Culture
-
China
-
Shenzhen
-
Important news
在线翻译:
szdaily -> Business_Markets -> 
Anbang committed to overseas subsidiaries
    2018-02-28  08:53    Shenzhen Daily

ANBANG Insurance Group Co. said late Monday it fully supported the Chinese insurance regulator’s decision to temporarily take control of the company, and remains committed to the development of its overseas subsidiaries.

These are the first comments by Anbang on the government’s move Friday to seize control of the company. “We fully support CIRC’s decision,” a company spokesman said, referring to the China Insurance Regulatory Commission (CIRC), which announced the one-year takeover.

“We will continue to be committed to our overseas subsidiaries’ business and investment, and will provide necessary support to their healthy development,” the Anbang spokesman said.

The move on Anbang, along with the announcement that its chairman was being prosecuted for economic crimes, dramatically illustrated the government’s willingness to curtail big-spending conglomerates as it cracks down on financial risk.

Analysts and lawyers do not think the maneuver heralds a coming wave of nationalizations, but said the sudden seizure of Anbang sent a strong message and raised questions about the future of its assets.

Anbang, which claims 1.97 trillion yuan (US$310.85 billion) in assets and ranks 139 on the Global Fortune 500 list, had spent billions of dollars on overseas acquisitions in recent years, including US$1.95 billion in 2015 for New York’s landmark Waldorf Astoria hotel.

The once-aggressively acquisitive company later agreed to pay US$6.5 billion for Strategic Hotels and Resorts.(SD-Agencies)

 

深圳报业集团版权所有, 未经授权禁止复制; Copyright 2010, All Rights Reserved.
Shenzhen Daily E-mail:szdaily@szszd.com.cn