China puts controlling stake of revamped Anbang on the block for $5.2b

Signage for Anbang Insurance Group Co. is displayed atop Anbang Financial Center Block B in Beijing, China.

Two Chinese state investors plan to sell a combined 98.78% of their stakes in Dajia Insurance Group, the revamped entity of embattled Anbang Insurance Group, for 33.6 billion yuan ($5.19 billion), according to an auction filing on Friday.

China Insurance Security Fund Co Ltd, the state rescue fund for the insurance sector which is controlled by the Ministry of Finance, aims to auction all of its 98.23% stake in Dajia for 33.38 billion yuan.

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