Deals

China Seeks to Broker Sale of Stake in Insurer Anbang

Central Huijin said to have held early talks with no agreement
Anbang Chairman Wu was detained by authorities in June

Workers clean windows of the Shanghai World Financial Center in the Pudong area of Shanghai, China, on Wednesday, Jan. 30, 2013. China's economic growth accelerated for the first time in two years as government efforts to revive demand drove a rebound in industrial output, retail sales and the housing market.Photographer: Tomohiro Ohsumi/Bloomberg

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By Bloomberg News

January 30, 2018 at 5:00 AM UTC

Updated on

January 30, 2018 at 7:00 AM UTC

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China’s government, which has been probing alleged financial wrongdoing at Anbang Insurance Group Co., is seeking to broker the sale of a stake in the insurer, people with knowledge of the matter said.

Central Huijin Investment Ltd., a unit of China’s sovereign wealth fund, has held preliminary discussions about buying a stake in Anbang, although failed to reach any agreement, said the people. It wasn’t clear what the potential size of any stake sale would be, or who the selling shareholders are. The people asked not to be named because the deliberations are private.