Anbang gets $9.6-bn govt bailout
The Anbang Insurance Group, the troubled Chinese insurer that owns New York City's Waldorf Hotel, has said that it is receiving a $9.6-billion bailout from a government-run fund. Regulators seized control of Anbang in February after a global asset-buying spree raised questions about its stability. Its founder, Wu Xiaohui, went on trial last month on charges that he had defrauded investors. The case added to a string of scandals in China's insurance industry. The injection of money from the China Insurance Security Fund will help Anbang maintain stable operations, the insurer has said.