Chinese government takes control of company with Vancouver ties

The Chinese government has taken control of Anbang Insurance Group, a Beijing-based conglomerate that has acquired overseas companies and properties including the Waldorf Astoria in New York City and Bentall Centre in Vancouver. The China Insurance Regulatory Commission (CIRC) said it was acting to protect insurance product consumers because Anbang was in danger of insolvency. A government work group will control Anbang for one year, until February 22, 2019. The takeover means that Anbang properties are now directly under the Chinese government. Anbang came under scrutiny several years ago as regulators began to question the true ownership behind the company, which was buying up global properties.