Anbang Insurance, the once-powerful private investment group that was formally seized by Chinese regulators earlier this year, will sell a domestic securities brokerage to a consortium backed by two regional government groups.
After former Anbang chairman Wu Xiaohui was sentenced to 18 years in prison for fraud, the government group that took over the business said it planned to dispose of some assets and also bring new investors into the company that still owns the iconic Waldorf Astoria hotel in New York, as well as several financial institutions in Europe.
Shenzhen Qianhai Financial Holdings and Xiamen International Trade Group will buy a 92 per cent stake in Century Securities for Rmb3.6bn ($524m), Qianhai Financial said in a statement. The asset was put up for sale on the China Beijing Equity Exchange May.