Anbang Says Waldorf Astoria Condo Conversion Proceeding Normally
- Company says chairman no longer able to perform duties
- Insurer bought New York hotel in 2015 for record $1.95 billion
Anbang a Warning to China's Tycoons
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The conversion of New York’s landmark Waldorf Astoria hotel into luxury condominiums is moving forward as planned and no delays are anticipated after the property’s owner, China’s Anbang Insurance Group Co., said its chairman was no longer able to carry out his duties, according to a company spokesman in the U.S.
“Anbang’s U.S. business is operating as normal; we continue to operate our properties and move forward with our development projects,” the company said in a statement emailed by a representative in New York. “We have a large executive team in the United States intensely focused on operating our extensive portfolio here.”