Date
19 November 2017
Chairman Wu Xiaohui says Anbamg Insurance is planning to list in Hong Kong, mainland China and the United States.  Photo: HKEJ
Chairman Wu Xiaohui says Anbamg Insurance is planning to list in Hong Kong, mainland China and the United States. Photo: HKEJ

Anbang Insurance sees global footprint in 10 years

Anbang Insurance Group Co. Ltd. is aiming to become a global player in the next 10 years, the Hong Kong Economic Journal reported Thursday.

Chairman Wu Xiaohui said the company is planning to list in Hong Kong, mainland China and the United States.

Wu outlined his vision during a visit to Harvard University last month to recruit new graduates.

The insurer has been in the media spotlight in recent days after it emerged it had aggressively bought shares in China Minsheng Banking Corp. Ltd. (01988.HK, 600016.CN) which has been rocked by corruption-related resignations. 

The news sparked speculation of a potential takeover, which Anbang denied.

The insurer reportedly has close ties to second-generation communist cadres.

Wu said Anbang has a decade-long history in the mainland and expects it to operate in several markets in the next 10 years.

Last year, it bought the Waldorf-Astoria Hotel in New York for US$1.95 billion and acquired two key Belgian assets. 

Wu said the hotel will be redeveloped into a luxury residential project.

Translation by Vey Wong

– Contact us at [email protected]

VW/JP/RA

EJI Weekly Newsletter

Please click here to unsubscribe