BEIJING (Reuters) – China’s Anbang Insurance Group said it will sell its entire stake in a health insurance unit as Beijing speeds up asset disposals at the troubled government-controlled insurance conglomerate.
Anbang said it would sell 77.7% of its stake in Hexie Health Insurance through its property and casualty insurance subsidiary, and the remaining portion to five companies including Fujia Group, a private commerce company.
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Fujia Group will take a 51% controlling stake after the deal, the statement said.
Anbang did not reveal the size of the deal, which requires approval from the China Banking and Insurance Regulatory Commission (CBIRC).
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The move comes as regulators seek to speed up the process of selling Anbang’s assets to minimize financial risks. Anbang was one of the most aggressive Chinese buyers of foreign assets a few years ago, using leveraged loans and risky short-term financing tools.
More than 1 trillion yuan ($145.4 billion) worth...
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