China’s Anbang Insurance Group has put its US$2.4 billion property portfolio in Japan up for sale, Reuters reports, citing sources familiar with the matter.
Blackstone Group, which had owned the assets previously before selling them to Anbang, is bidding for the properties again, according to the report.
Anbang is said to be offering its entire portfolio, which mainly comprise residential buildings in Tokyo and other big cities, after it failed to sell some of the assets last year.
“The sale process has just started. Anbang is planning to sell the entire portfolio it bought from Blackstone,” Reuters quoted a source as saying.
A price has not been set as the sale is still in its early stages, according to the report.
Anbang paid Blackstone about 260 billion yen (US$2.4 billion) for the portfolio in 2017, then Japan’s biggest property deal since the global financial crisis.
The Chinese government took control of Anbang in February last year, part of a campaign to reduce financial risk.
The troubled insurer’s former chairman, Wu Xiaohui, was later sentenced to 18 years in prison for fraud and embezzlement.
Since then Beijing has accelerated asset disposals at the insurance group, which had been among the most aggressive Chinese buyers of foreign assets.
Anbang tried to sell a portion of the Japanese portfolio last year, but failed to attract buyers because the assets were less attractive due to age and location, sources told Reuters.
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