Anbang Insurance Group's $12.8 billion bid for New York-listed hotel chain Starwood Hotels Resorts Worldwide comes as Chinese insurers struggle with fierce competition, falling returns, and slower economic growth at home.
It also indicates that the sector is increasingly looking abroad as Chinese insurers seek to diversify their investments in search of more yield that better matches their liabilities.
The Anbang-led bid for Starwood follows Anbang's acquisition last year of the Waldorf Astoria Hotel in New York for $1.95 billion. According to a person familiar with the matter on Monday, the company is also on the verge of buying ...
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