Jan 25, 2019 01:33 PM

Anbang Nears Asset Sales in China, U.S. as Empire Unwinds, Sources Say

Anbang's Beijing headquarters. Photo: Bloomberg
Anbang's Beijing headquarters. Photo: Bloomberg

(Bloomberg) — Anbang Insurance Group Co. Ltd., which symbolized the era of mega-acquisitive Chinese companies that later had to reverse their buying binges, is continuing to whittle down its empire.

The Beijing-based conglomerate is exploring the sale of the Manhattan office building that houses its U.S. headquarters, according to people with knowledge of the plans. It’s also in advanced talks to sell its domestic health-insurance arm to Fujia Group, a petrochemicals-to-finance group in northeastern China’s Liaoning province, other people familiar with the matter said.

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