China Insurance Probe Won't Halt Firms' Overseas Urge

Xiang Junbo, the man on whose watch China's insurance industry flourished, is now himself under investigation. As Bloomberg News reported over the weekend, China's anti-graft agency is probing the nation's top insurance official as the government steps up a bid to rein in financial risks.

But with so many firms still hungry for returns and diversification, that shouldn't slow insurance companies' overseas buying. However, instead of upstarts like Anbang Insurance Group Co., whose portfolio of assets includes New York's Waldorf Astoria hotel, buyers will likely be more old school -- think Ping An Insurance Group Co. or China Life Insurance Co.