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| Version 0 | Version 1 |
|---|---|
| Wu Xiaohui steps aside as Anbang chairman | Wu Xiaohui steps aside as Anbang chairman |
| (about 4 hours later) | |
| One of China's best known billionaires, Wu Xiaohui, is stepping aside as chairman of Anbang Insurance. | One of China's best known billionaires, Wu Xiaohui, is stepping aside as chairman of Anbang Insurance. |
| The company gave few details but said he was no longer able to fulfil his duties for "personal reasons". | The company gave few details but said he was no longer able to fulfil his duties for "personal reasons". |
| A Chinese magazine had reported that Mr Wu was detained by authorities last week, but later deleted its article. | A Chinese magazine had reported that Mr Wu was detained by authorities last week, but later deleted its article. |
| Anbang is known for a number of high profile international acquisitions, like the purchase of New York's Waldorf Astoria in 2015. | Anbang is known for a number of high profile international acquisitions, like the purchase of New York's Waldorf Astoria in 2015. |
| The company, which manages some 1.65tn yuan (£190bn; $242bn) worth of assets, said in a statement that the chairman's duties would be managed by other senior executives. | The company, which manages some 1.65tn yuan (£190bn; $242bn) worth of assets, said in a statement that the chairman's duties would be managed by other senior executives. |
| Anbang did not comment on the report by the independent Caijing magazine that he had been detained. | |
| The BBC's Stephen McDonell in Beijing says that if confirmed, it would make him the highest-profile target in a recent campaign against the finance industry by Chinese anti-corruption investigators. | |
| A source told the BBC that Mr Wu had been taken away from the Anbang Office Building on 8 June by two police cars. | |
| It is not clear where he is now and whether he had been taken to the police or directly to the prosecution on that day. | |
| Earlier, Anbang had denied a report by the Financial Times that Mr Wu had been stopped from travelling abroad. | Earlier, Anbang had denied a report by the Financial Times that Mr Wu had been stopped from travelling abroad. |
| Political connections | Political connections |
| Anbang had recently been in talks with a real estate company part-owned by Donald Trump's son-in-law and senior White House adviser, Jared Kushner. | Anbang had recently been in talks with a real estate company part-owned by Donald Trump's son-in-law and senior White House adviser, Jared Kushner. |
| The two sides were reportedly negotiating a deal to redevelop one of Kushner Companies' Manhattan buildings. | The two sides were reportedly negotiating a deal to redevelop one of Kushner Companies' Manhattan buildings. |
| The possible deal had raised media speculation over a potential conflict of interest and was called off in "mutual agreement" without any reasons given. | The possible deal had raised media speculation over a potential conflict of interest and was called off in "mutual agreement" without any reasons given. |
| Wu Xiaohui had long been considered one of the most politically connected men in China, having married the grand-daughter of former leader, Deng Xiaoping. | |
| His company has over the past years been among the biggest players of Chinese firms pursuing high-profile overseas acquisitions and investments. | His company has over the past years been among the biggest players of Chinese firms pursuing high-profile overseas acquisitions and investments. |
| In 2016, Anbang paid private equity firm Blackstone $6.5bn for the ownership of Strategic Hotels & Resorts, a portfolio of upmarket hotels and resorts. | In 2016, Anbang paid private equity firm Blackstone $6.5bn for the ownership of Strategic Hotels & Resorts, a portfolio of upmarket hotels and resorts. |
| That purchase added 16 luxury properties across the US to Anbang's holdings, including the Ritz-Carlton Half Moon Bay, and the Four Seasons hotels in Silicon Valley and Washington. | That purchase added 16 luxury properties across the US to Anbang's holdings, including the Ritz-Carlton Half Moon Bay, and the Four Seasons hotels in Silicon Valley and Washington. |