Anbang in talks with Trump’s son-in-law’s firm

Plans under way for joint project to renovate high-end New York office building

Anbang in talks with Trump’s son-in-law’s firm

Insurance News

By Gabriel Olano

Anbang Insurance Group of China is looking to invest in a project to redevelop a New York building owned by Kushner Companies, a real estate firm headed by Jared Kushner, a son-in-law of US President-elect Donald Trump.
The New York Times published an article about Jared Kushner, which detailed a meeting between him and Anbang’s chairman Wu Xiaohui in November, a few days after Trump emerged as the winner of the US election. The parties talked about the renovation of a 41-storey building located at 666 Fifth Avenue in New York, which was bought by Kushner Companies in 2008 for US$1.8 billion.
The deal has yet to be completed, and some major points are still under negotiation, said the newspaper.
Kushner is the husband of Trump’s daughter Ivanka and is CEO of Kushner Companies. He is also being considered for a White House post after his father-in-law assumes the presidency on January 20. If he were to accept the position, he would have to divest and distance himself from the family business.
Chinese insurer Anbang, which started out as an auto insurer in 2004, is one of the most aggressive buyers of overseas assets, having spent over US$30 billion to acquire luxury hotels, insurance firms, and other properties, most notably the Waldorf Astoria hotel in New York City.

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