2018-02-23 —

The Chinese government on Friday seized control of Anbang Insurance Group, one of China's biggest insurance conglomerates, in a dramatic move that underscores Beijing's intent to crackdown on financial risk... Anbang's chairman and key shareholder, Wu Xiaohui, had also been prosecuted for economic crimes, the China Insurance Regulatory Commission (CIRC) said in a statement on Friday...

The government takeover of Anbang, which claims 1.97 trillion yuan$310.85 billion in assets and ranks 139 on the Global Fortune 500 list, represents a defining blow to the acquisitive conglomerate best known for acquiring New York's landmark Waldorf Astoria hotel.

The move also underscores the lengths to which the ruling Communist Party is apparently willing to go in its growing campaign to lower financial risks, and sends a strong signal to risk-taking private enterprises.

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