The head of a deal-hungry Chinese insurer that recently held talks with the Kushner family over a NY office tower is reported to have been detained by Chinese authorities.
Established just 13 years ago, Anbang has grown from a domestic seller of property insurance into a financial services powerhouse, making a name for itself overseas by buying New York's historic Waldorf Astoria hotel for a record $1.95 billion in 2014.
Anbang has purchased the prestigious Waldorf Astoria New York hotel and several foreign financial institutions.
When asked if Wu was within China or if he could be reached, a spokesperson for Anbang - which manages some 1.65 trillion yuan ($242 billion) worth of assets - said the company had nothing to add. Rising Chinese debt levels have prompted concern about the stability of the country's financial system.
The brief statement, citing only unspecified personal reasons for moving Wu Xiaohui aside, came hours after Chinese magazine Caijing reported the chairman had been taken away for investigation.
Anbang had denied earlier this month that Wu was prevented from travel after the Financial Times newspaper reported he had been prevented from leaving the country, citing four sources who had business dealings with him.
A spokesman for Anbang declined to comment further on the situation. It claims to have over 30,000 employees globally and more than 800 billion yuan ($118 billion) in assets.
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It also signed an agreement previous year to buy South Korea's life insurance and investment unit Allianz SE's for over $3 million.
The firm has made a splash on the global stage in recent years, but mostly for deals that haven't worked out.
Attempts by the Chinese insurer to invest in a real estate project affiliated with the family of U.S. President Donald Trump's son-in-law floundered earlier this year.
The possible deal had raised media speculation over a potential conflict of interest and was called off in "mutual agreement" without any reasons given.
The privately held company said the money was raised from shareholders.
A person familiar with the matter told CNNMoney at the time that officials in NY weren't satisfied with Anbang's disclosure of its ownership structure and asked the firm to refile its application, which it didn't do before a deadline.
Established in 2004 by Wu as an automotive and property insurer, Anbang has stormed to prominence in recent years, buying Dutch insurer Vivat, South Korea's Tong Yang Life Insurance and Strategic Hotels & Resorts in the United States. It gave little explanation for abandoning its bid. As a result, the unit of Anbang was barred from issuing new products for three months.
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