Published: Sat, February 24, 2018
Global News | By Stacy Ballard

China takes control of famed NYC Waldorf Astoria hotel holding company

China takes control of famed NYC Waldorf Astoria hotel holding company

The insurance regulator said the decision to put Anbang under government control was because of "illegal management and operation activities" that could "endanger" its ability to stay in business.

The highly unusual commandeering of Anbang signalled deep official concern over the Beijing-based company's financial situation and comes as the government looks to address spiralling debt in the world's second-largest economy.

The Chinese government said yesterday that it had seized control of Anbang Insurance, the troubled Chinese company that owns the Waldorf Astoria hotel in NY and other marquee properties around the world, and charged its former chairman with economic crimes.

That funding model came to an abrupt halt in June, when Chairman Wu Xiaohui was detained by authorities amid an escalating crackdown on China's biggest dealmakers.

Once a major figure in Chinese business circles, Wu had married a granddaughter of Deng Xiaoping, China's paramount leader in the 1980s and a towering figure in Chinese politics, and was widely considered politically connected.

Wu's duties as chairman and general manager would be redistributed and a working committee established in conjunction with the People's Bank of China, the China Banking Regulatory Commission, the Foreign Exchange Bureau and other departments to handle the management takeover process and ensure smooth operations, the statement said.

Famous Evangelist, 'America's Pastor' Billy Graham Dies At 99
For some of the presidents he advised, Graham offered more than just prayers, support and photo opportunities. Bell and Graham married shortly after graduation, and the couple began their life and ministry together.

Anbang offered more than US$13 billion (S$17.2 billion) for Starwood Hotels and Resorts before abandoning its bid in 2016. Back in January, a Chinese journalist reported a scoop from an insider source, stating that Anbang was already under CIRC's control and Wu had lost his controlling rights of the company.

The case adds to an avalanche of scandals in China's insurance industry.

The government, anxious about massive capital outflows and reckless accumulation of debt, has over the past year implemented a host of measures to stem the flow of billions of dollars into what it has called "irrational" investments overseas.

The Chinese government has seized control of a deal-hungry insurance firm that owns major assets in the US including the Waldorf Astoria, and is prosecuting the company's chairman.

Following that, Anbang failed to complete several deals, including the proposed purchase of USA -based Fidelity & Guaranty Life for $1.6 billion.

Anbang, in particular, came under scrutiny in the United States and elsewhere for its opaque ownership structure and for the political ties of its former chairman Wu Xiaohui, The New York Times reported. Anbang will continue to be a private insurer, although the regulators could extend their takeover for another year.

Intel deploys Spectre mitigations for newer processors to OEMS and partners
The new microcode update includes a mitigation technique called " Retpoline " for Spectre variant 2 (Branch Target Injection). The said update is now in beta stages and will eventually be released post verification and testing process.

Bloomberg News past year reported that Beijing had ordered Anbang to sell its overseas assets, though the company denied that at the time.

Spokespeople for Anbang didn't respond to requests for comment Friday.

The firm's website claims it has almost CN¥2 trillion (RM1.2 trillion) in assets.

Top financial and economic officials are expected to be reshuffled by the rubber stamp legislature, which Bloomberg reported last month might also enact a merger of the banking and insurance regulators.

"After weighing (the) pros and cons, it's the best way".

This is the first time that the Chinese government has taken over a private company. Policyholders of Anbang's insurance operations including life and property insurance might need to call another insurer for future payouts, as the government may ask other insurers to operate "all or parts" of Anbang's business, according to some details sketched out in a government takeover plan. The company claims over $300 billion in assets.

Rick & Morty: McDonald's Bringing Back Szechuan Sauce In 2018
Since October, McDonald's has done everything it can to make sure Szechuan sauce's second return goes right. Lunchtime typically means 10:30 a.m., when the restaurant kitchens start shifting over to the midday menu.

Like this: