Feb. 23 (UPI) -- The Chinese government on Friday seized the assets of privately-owned Anbang Insurance Group, which owns New York City's Waldorf-Astoria hotel and other global properties.
Anbang founder Wu Xiaohui will be prosecuted for fraud, the China Insurance Regulatory Commission announced. The action, which furthers Chinese President Xi Jinping's anti-corruption efforts, is meant to end the acquisition fervor of Chinese tycoons and offer government protection to millions of Chinese citizens who bought Anbang investments. It is also an indication that China will no longer encourage global asset growth and will instead focus on shoring up its internal economic structure, Bloomberg News reported.