Chinese authorities unwinding Anbang Insurance have received offers of up to $5.8bn for the group’s luxury US hotels business from bidders including Blackstone and Brookfield, according to people familiar with the sale process.
Seventeen potential buyers, also including South Korea’s Mirae Asset Management, SoftBank-owned Fortress and GIC, Singapore’s sovereign wealth fund, have made it to a final round, these people said.
The sale of Strategic Hotels, one of Anbang’s most valuable assets in the US, comes after the insurer was placed under the control of Chinese regulators last year when Wu Xiaohui, its founder, was jailed for 18 years on fraud and embezzlement charges.