Regulator Said Close to Rejecting Insurer's Plans for Foreign Hotel Investments

(Beijing) – China's insurance regulator is set to reject two plans by Anbang Insurance Group, including one that could have seen it take over America's Starwood Hotels and Resorts Worldwide Inc., owner of the Sheraton and Westin brands.

A person close to the China Insurance Regulatory Commission said the regulator had "clearly a disapproving attitude" toward both plans because completing the deals would break rules banning insurers from investing more than 15 percent of their assets abroad.