Anbang Insurance, the conglomerate that was taken over and bailed out by the Chinese government earlier this year, said in a statement that it has no plans to sell off its assets after the Financial Times reported that banks had been appointed to assist in unwinding the company's investments. 

"The review of Anbang’s overseas assets is a complex and comprehensive exercise," the company said on its website. "We currently do not have any plans to sell off overseas assets, nor do we have a specific timetable for optimizing these assets."

Anbang's founder and chairman Wu Xiaohui was detained last year and recently sentenced to 18 years in prison.

The FT reported on Monday that Chinese regulators have appointed CICC and UBS as advisers to help develop a process to unwind Anbang's collection of global investments, which includes banks and insurance companies in places such as Belgium, the Netherlands and Korea, as well as the Waldorf Astoria hotel in New York.

CICC and UBS have declined to comment on the matter.

Before Mr Wu’s arrest, Anbang controlled 58 companies directly or indirectly with Rmb2tn ($318bn) in assets, according to estimates from UBS. The assets have been divided into two groups, real estate holdings and its financial holdings, as regulators assess the best way to deal with the investments.

Anbang said in the statement: "The Interim Management Working Group of Anbang Insurance Group is in the process of conducting a review of all of its assets; and working with third-party advisory firms is a necessary step in this process."

In April, the company received a Rmb61bn ($9.7bn) bailout from an industry rescue fund as it searched for new investors in the company.

The statement from Anbang noted that the "selection of new strategic shareholders for Anbang has commenced and is running smoothly. Currently, Anbang has sufficient cash flow to fulfill its commitments to all customers and ensure that the legitimate rights of policyholders are effectively protected."

Get alerts on Anbang Insurance Group Co Ltd when a new story is published

Copyright The Financial Times Limited 2019. All rights reserved.
Reuse this content (opens in new window)

Comments have not been enabled for this article.

Follow the topics in this article