, Columnists
China's Problems Go Beyond Anbang
Things must be getting pretty desperate.
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Anbang Insurance Group Co. might be the latest private company to come under Chinese regulatory scrutiny, but the government is the party that looks like it's in trouble.
That the acquisitive firm may be forced to sell overseas assets it had gobbled up with funding from its vast insurance proceeds, including New York's Waldorf Astoria hotel, is a new wrinkle in officials' attempts to rein in the dealmakers that pushed billions of dollars of capital offshore: Anbang Chairman Wu Xiaohui has been detained by authorities since June 9 and Beijing hasn't exactly kept quiet about its distaste for the fleeing funds.