Anbang chairman Wu Xiaohui steps down
Anbang chairman Wu Xiaohui steps down: Wu Xiaohui who is one of China’s best known billionaires, is stepping aside as chairman of Anbang Insurance.
Few details were given by the company but in a statement said that he was no longer able to fulfil his duties for “personal reasons.”
Earlier a Chinese magazine had reported that Mr Wu had been detained by the authorities last week, however the article was later deleted.
Anbang has been known for a number of high profile international acquisitions which include the likes of purchases such as New York’s Waldorf Astoria in 2015.
Anbang insurance is managing some 1.65tn yuan ((£190bn; $242bn) worth of assets. Anbang Insurance in a statement said that the chairman’s duties would be managed by other senior executives.
The company did not comment on the report by the Chinese magazine.
Anbang Insurance had also denied a report by financial times in which it was claimed that MR Xiaohui had been barred from travelling abroad.
Recently Anbang had been in talks with a real estate company which is part-owned by Donald Trump’s son in law and senior White House adviser, Jared Kushner.
The two sides had been negotiating a deal to redevelop one of Kushner Companies’ Manhattan buildings. However media had raised speculation of a potential conflict of interest and the deal was called off in a “mutual agreement” and no reasons were given.
Wu Xiaohui had long been considered one of the most politically connected men in China having married the grand-daughter of former leader, Deng Xiaoping.
His company has over the past years been among the biggest players of Chinese firms pursuing high-profile overseas acquisitions and investments.
In 2016, Anbang paid private equity firm Blackstone $6.5bn for the ownership of Strategic Hotels & Resorts, a portfolio of upmarket hotels and resorts.
That purchase added 16 luxury properties across the US to Anbang’s holdings, including the Ritz-Carlton Half Moon Bay, and the Four Seasons hotels in Silicon Valley and Washington.
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