China Anbang Insurance Completes Hotel Sale Contract Execution to Mirae Asset, Lawsuit Filed

[Image source=Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] Chinese Anbang Insurance has filed a lawsuit in a U.S. court demanding the completion of the contract for the sale of 15 luxury hotels in the United States to Mirae Asset Global Investments, Bloomberg reported on the 27th (local time).

According to the report, Anbang Insurance filed the lawsuit against Mirae Asset Global Investments in the Delaware Court of Chancery on the same day.

Mirae Asset Global Investments signed a $5.8 billion contract last September to acquire 15 hotels owned by Anbang Insurance in the United States.

The hotels to be acquired by Mirae Asset include the JW Marriott Essex House Hotel in New York, the Four Seasons Hotel in Jackson Hole, Wyoming, the Westin Hotel in San Francisco, and the Four Seasons Hotel in Silicon Valley.

The report explained that Mirae Asset requested more time to finalize the contract, stating that bond financing (raising funds through bond issuance) was not immediately feasible for Anbang Insurance.

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