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Waldorf Owner Pressured to Sell as China Clampdown Escalates

  • China’s government said to ask Anbang to sell overseas assets
  • Insurer’s Waldorf purchase symbolized China Inc.’s global rise
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Waldorf Owner Said to Be Told to Sell Overseas Assets

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When Anbang Insurance Group Co. agreed to buy New York’s iconic Waldorf Astoria hotel for $1.95 billion in 2014, the world took notice. It was a defining moment in the global rise of China Inc., a deal that would help kick off one of the greatest acquisition sprees in history.

But now the Waldorf, along with more than $10 billion of Anbang’s other deals, could become symbols of corporate China’s rapidly shrinking global ambitions. Chinese authorities have asked the embattled insurer to sell its offshore assets and bring the proceeds back home, according to people familiar with the matter, who asked not to be identified because the details are private.