Chinese insurer Anbang has struck its biggest deal for prime US property, agreeing to buy Strategic Hotels & Resorts for $6.5bn only three months after private equity group Blackstone took the luxury hotels collection private.
The acquisition is the latest sign of China’s unprecedented march on foreign assets at a time when the world’s second-largest economy grapples with turbulent economic conditions.
It also suggests that Anbang, which along with investment conglomerate Fosun International and real estate group Dalian Wanda have spearheaded many of China’s most ambitious deals, is undeterred in its acquisition spree in spite of a political backlash over some dealmaking attempts.
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