Anbang Insurance Group, the once-high-flying conglomerate whose brash chairman was detained in June, has resumed sales of high-yield investment products that funded its global acquisition spree.
China’s insurance watchdog banned Anbang’s life insurance unit in May from selling new products for three months, accusing the group of wreaking “havoc” on the market with aggressive pricing and exotic product structures.
The following month, Anbang chairman Wu Xiaohui disappeared, presumably into government detention, amid a broader crackdown on overseas dealmaking. Some observers linked the detention to factional politics as China’s President Xi Jinping attempts to consolidate power.
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