Mirae Asset scraps $5.8 bln deal to buy U.S. hotels from China's Anbang

Mirae Asset Securities

04/05/2020 06:16

SEOUL, May 4 (Reuters) - South Korea's Mirae Asset Global
Investments said on Monday that it has terminated a $5.8 billion
deal to buy 15 U.S. hotels from China's Anbang Insurance Group
 ANBANG.UL .
   The asset manager said in a statement that Anbang did not
remedy breaches of certain obligations regarding the September
contract, resulting in the termination of the deal.     
    A consortium led by Mirae agreed last year to buy the hotels
in U.S. cities, including in New York, San Francisco and Los
Angeles, from Anbang, which had been selling down its overseas
assets after the Chinese government took control of the troubled
insurer in 2018.  urn:newsml:reuters.com:*:nL3N2620HB 

 (Reporting by Hyunjoo Jin; Editing by Himani Sarkar)
 ((hyunjoo.jin@thomsonreuters.com; 82-2-3704-5685; Reuters
Messaging: hyunjoo.jin.thomsonreuters.com@reuters.net))