Beijing is in talks with investors over the sale of all, or part, of its 98% stake in Dajia Insurance, reported Financial Times.
Dajia Insurance Group was formed in June to take over the assets and operations of financially troubled Anbang group that was taken over by the state in February 2018.
Dajia Insurance Group was formed in June to take over the assets and operations of financially troubled Anbang group that was taken over by the state in February 2018.

China Insurance Security Fund, the industry body which provided a $10bn bailout loan to Anbang, owns 98.2% of Dajia Insurance, while China Petrochemical Corp and Shanghai Automotive Industry Corp hold the rest.

At the time of the takeover and bailout funding, the authorities said that they would restructure Anbang and look for investors. They have also started selling off Anbang’s various assets including hotels, properties and stakes in financial institutions in order to raise the funds to recover the bailout loan.


 


 

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