A man walks into a branch of Anbang Insurance in Shanghai, China, 25 December 2015. [File Photo: ImagineChina]
It`s being reported that China`s insurance regulator will likely reject a bid by Anbang Insurance to buy Starwood Hotels and Resorts Worldwide.
According to report by Chinese financial magazine Caixin, the bid is reportedly above the insurer`s offshore asset threshold for overseas investments.
Starwood, owner of the Sheraton and Westin brands, on Monday accepted a sweetened 13.6 billion U.S. dollars acquisition offer from rival Marriott International, spurning Anbang Insurance Group`s latest bid.
The report also suggests China`s insurance regulator "clearly has an attitude of not supporting" Anbang`s bid.
In making the suggestion, the report says Anbang`s overseas investments have already reached a "red line," which is 15 percent of the company`s assets invested overseas.
For more on this, CRI`s Spencer Musick earlier spoke with John Ross, senior fellow with the Chongyang Institute for Financial Studies at Renmin University.