Waldorf Buyer Anbang Invests in Property, Banking Stakes

Anbang Insurance Group Co., the Chinese insurer that’s buying New York’s Waldorf Astoria hotel, is expanding at home with investments from China Minsheng Banking Corp. to Financial Street Holdings Co.

The insurer became the largest shareholder of Minsheng Bank with a 9.1 percent stake and 10 percent of voting rights, the Beijing-based bank said yesterday. Anbang and its affiliates boosted holdings in Financial Street, a developer of financial-district properties in Beijing, to 20 percent, the property company said separately yesterday.