When billionaire Wu Xiaohui, founder and chairman of Chinese giant conglomerate Anbang Insurance Group, bought the legendary Waldorf Astoria hotel in Manhattan in 2015, he said he would remain its owner for at least 100 years.

Just two years later, his dreams were shattered. Earlier this year, the Chinese government took control of the Chinese conglomerate, which is valued at over 2,500 billion kronor. Wu Xiaohui has been in custody since June and is accused of violating laws and regulations that jeopardized the conglomerate's solvency.

According to the South China Morning Post, the Waldorf Astoria is now back on the market. Appraisers point out that the valuation of the hotel is problematic as it has undergone several changes. Among other things, parts of the hotel are being converted into apartments. Blackstone Group, the world's largest private equity firm, is said to be a potential buyer.

Chinese giant conglomerates HNA Group and Dalian Wanda Group, which have also been targeted by Beijing due to highly leveraged acquisitions abroad, are also said to be on the verge of selling extensive holdings in the US.

Source: di.se