Anbang Insurance Group, the acquisitive Chinese conglomerate that owns New York’s Waldorf Astoria hotel, has suffered a credit downgrade, with a local rating agency warning that its life insurance unit’s “wealth creation ability has weakened”.
The downgrade of Anbang Life Insurance is the latest setback for the once high-flying group, whose chairman and founder, Wu Xiaohui, disappeared in June and is presumed to be in government detention.
At the height of his powers, Mr Wu met Jared Kushner, Donald Trump’s adviser and son-in-law, to discuss the purchase of a Manhattan office tower owned by Mr Kushner’s family.
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