Waldorf Astoria’s Chinese buyer eyes $2 billion IPO

Anbang Insurance plans to go public next year

TRD New York /
Nov.November 13, 2014 10:06 AM

Anbang  Insurance Group Co., the Chinese buyer of the Waldorf Astoria, is planning an initial public offering that could raise $2 billion.

The insurer is planing to go public next year with a listing on the Hong Kong Stock Exchange, Bloomberg News reported. The insurer, which boasts $114 billion in assets, has more than 3,000 locations across China and more than 20 million customers.

The Beijing-based company bought the iconic New York hotel for $1.9 billion. The transaction is currently under investigation, however.

Last month, Anbang purchased Belgian insurer Fidea NV and is reportedly looking to make more acquisitions.

“It appears that Anbang has ambitions for a conglomerate to emulate the Berkshire Hathaway model,” Linda Sun-Mattison, an analyst at Sanford C. Bernstein & Co. in Hong Kong, told Bloomberg. “This would entail continued and probably large funding needs.” [Bloomberg News] — Claire Moses

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