Dajia Insurance, known as Anbang before it was taken over by the Chinese government, has stepped up its sale of assets.
It is the latest effort by Beijing to dissolve the group following its credit-fuelled expansion, including the purchase of Waldorf Astoria in New York, that put the country’s financial system under stress and led to the arrest of its founder on fraud charges.
The conglomerate is looking to sell a 55 per cent stake in Chengdu Rural Commercial Bank, CRCB, one of its affiliated companies, for Rmb26.2bn ($3.76bn), according to a filing on Beijing Financial Assets Exchange.
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