The Chinese government has seized control of a deal-hungry insurance firm that owns major assets in the U.S. including the Waldorf Astoria, and is prosecuting the company's chairman. China's insurance regulator said Friday that it had taken control of Anbang Insurance for one year. The insurance regulator said the decision to put Anbang under government control was because of "illegal management and operation activities" that could "endanger" its ability to stay in business. Related: China has a worrying habit of making business leaders disappearSpokespeople for Anbang didn't respond to requests for comment Friday. Besides the Waldorf Astoria, its U.S. purchases include the multibillion-dollar acquisition of Strategic Hotels & Resorts from private equity giant Blackstone in 2016.

Source: CNN February 23, 2018 04:21 UTC