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Anbang gets $9.7B bailout

Anbang gets $9.7B bailout

Anbang Insurance Group is getting a $9.7 billion government bailout to prevent it from collapsing. The China Insurance Regulatory Commission said Wednesday that the move is meant to protect policyholders. The money comes from the China Insurance Industry Fund, a bailout fund backed by the industry, Bloomberg reported. In February, Beijing took control of the struggling insurer, which owns the Waldorf Astoria hotel, for at least a year. The company funded long-term investments, for example […]

Source: realdeal


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