China's Anbang readies to offload overseas properties worth $10b

China's Anbang readies to offload overseas properties worth $10b

Signage for Anbang Insurance Group Co. is displayed atop the entrance to Anbang Financial Center in Beijing, China, on Saturday, Feb. 24, 2018. Photographer: Giulia Marchi/Bloomberg

China’s Anbang Insurance Group Co Ltd is looking to offload overseas properties worth about $10 billion to shore up its balance sheet as part of a government-backed rescue, three people with knowledge of the matter said.

The sales are likely to begin within a month, said the people, who declined to be identified as they were not authorized to speak with media. New York’s Waldorf Astoria, bought in 2014 for $1.95 billion, is not part of the sale, they said. The hotel is currently closed for renovation.

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