China’s once-highflying Anbang Insurance Group Co. Ltd. will apply to the country’s top insurance regulator for dissolution and liquidation, Anbang said on September 14. Anbang was taken over by regulators in February 2018 and has since carried out asset sales to reduce massive debts accumulated over years of aggressive expansion. Wu Xiaohui, founder and former chairman of Anbang, was sentenced to 18 years in prison for fundraising fraud and embezzlement.

(Comment: Anbang Insurance Co., had purchased the Waldorf Astoria hotel in New York but due to various problems began selling it in mid-2019.)