Wu Xiaohui steps aside as Anbang chairman

  |   World News

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".

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.

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. It did not comment on the report by the independent Caijing magazine that he had been detained.

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