China seizes control of Insurance giant ANBANG

According to a report Beijing has cracked down on ANBANG Insurance and financial giant took over the control of conglomerate and prosecuting the head of the firm.

ANBANG Insurance Group will now be taken over by Chain’s insurance regulator for one year.

The ANBANG Group is well known for its aggressive international acquisitions including Waldorf Astoria Hotel New York. Chinese authorities have been cracking down on the financial industry to guard against excessive borrowing and risk.