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Beijing is pulling the emergency brake

f0e733c1406350e95ba7d91d4b718e47 - Beijing is pulling the emergency brake

The Chinese government takes the control of the insurance group Anbang. It seems to be a far-from-us-become very remote and removed, but that it is not. It puts the spotlight on the very risky financial characteristics of the Chinese groeimirakel since the turn of the century. The tentacles of Anbang rich in Belgium.

The rise and fall of the man who married the granddaughter of the Chinese legendary party leader Deng Xiaoping. The scenario for a powerful film about how it goes in the top financ …

The rise and fall of the man who married the granddaughter of the Chinese legendary party leader Deng Xiaoping. The scenario for a powerful film about how it goes in the highest financial and political echelons of the country is situated in China for grabs.

The history of the Chinese insurer Anbang and ceo speaks to the imagination. In only fifteen years time, the company has grown from a small regional insurer to a massive financial conglomerate, good for 30,000 employees. The value today of all the assets according to the financial news agency Bloomberg, an estimated 315 billion dollars – equals more than 2.5 percent of the total wealth in China. Would, for Anbang has over the past years to the current band acquisitions abroad. It was terrified, not for back very large sums of money to give. According to the critics, themselves crazy amounts.

Link to Sven Nijs

The most spectacular acquisition was that of the Waldorf Astoria hotel in New York. That is one of the most prestigious and best known hotels on our planet. Anbang had previously, in 2014, nearly two billion dollars down. A never seen consideration for a hotel. The hotel is today, moreover, closed. There is three years to thoroughly renew. At the beginning of last year there were even reports that Anbang with Jared Kushner, the son-in-law of the American president, to negotiate about a deal.

The overnamejacht was also not passed to our country. Insurer Fidea and Bank Nagelmackers – the former Delta Lloyd – since 2015 is in the hands of Anbang. Therefore, there is a Chinese link with one of the most popular winter sports with us. Fidea has been sponsoring for several years a cyclocrossteam, which recently led by veldriticoon Sven Nys.

The ceo of Anbang, Wu Xiaohui, the region in the spring of last year just in our country down. He was then with a lot of égards received by prime minister Michel. What him to Belgium conducted? That remained a well-kept secret. Wu is chairman of Bank Nagelmackers and the eponymous Belgian branch of Anbang.

Of Chinese beleggersgoeroe …

Not long after his visit to Belgium tumbled, the ceo of Anbang in China from its pedestal. What is not so obvious. He is, after all, married to the granddaughter of Deng Xiaoping. Deng is one of the most legendary strong men that China has ever had because of the thorough reform of the country from the end of the seventies. By that familieconnectie could Wu undoubtedly count on very good access to the almighty Chinese Communist Party. Anbang is considered as a type-example of the enormous interconnectedness of political and economic interests in the Chinese business world.

By the way he Anbang built into an international financial group, he was even labeled as the Chinese version of the American beleggersgoeroe Warren Buffett.

All that glitter remains today nothing more about it.

… to criminal Wu’

The Chinese government says Anbang under guardianship, because ‘illegal’ activities, the solvency of the company at risk. And against founder Wu Xiaohui is a research initiated due to possible fraud.

Where ceo Wu station, is already months a mystery. Since last spring, buzzing with the rumors that he in the cell would be stopped. The only thing we know for sure is that the man since mid-June “for personal reasons” – according to a notice of Anbang – is unable to work. He would be by government personnel that Anbang since then, on the floor, be described as ‘Criminal Wu’.

It looks in any case that the Chinese government actions against the business of Wu of a signal it wants to send to the world of international finance. That puts major question marks at the strong schuldbeladen development of the Chinese economy and large companies. Anbang would be international overnamejacht financed with a mass of borrowed money from Chinese banks or from the growing group of Chinese who are lured with high-yield investment products.

Chinese Lehman Brothers

It gave Anbang in recent months, a less flattering description. By the insurer to be considered as the Chinese version of Lehman Brothers, the link to the Us bank whose fall in the autumn of 2008 the financial and economic crisis launched.

The address of Anbang would be a sign for other Chinese companies in recent years to the anything tributes for a lot of money. Football clubs, including.

It is watch what the Chinese government is planning with all of the companies that are in the hands of Anbang. In a first reaction was the ceo of the Belgian subsidiary is today strongly that the events in China no adverse impact on the activities in our country.

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