Mirae Asset sued after missing deadline on $5.8b Anbang US hotels deal

FILE PHOTO: The headquarters building of Anbang Insurance Group are pictured in Beijing, China, August 25, 2016. REUTERS/Jason Lee/File Photo

South Korean asset manager Mirae Asset Global Investments has been sued over a $5.8 billion deal to buy 15 U.S. hotels from China’s Anbang Insurance Group after missing a deadline for the deal’s closing, a Mirae spokesman said on Tuesday.

A consortium led by Mirae agreed last year to buy the hotels in U.S. cities, including in New York, San Francisco and Los Angeles, from Anbang, which had been selling down its overseas assets after the Chinese government took control of the troubled insurer in 2018.

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