Anbang Insurance Denies Investment in Manhattan Building Owned by Trump’s Son-in-Law

By | Mar 15, 2017 02:48 AM EDT
Anbang Insurance denies Investment in Manhattan Building.

China’s insurance giant Anbang Insurance Group has rejected reports that it is investing in a flagship Manhattan tower owned by son in law of Donald Trump. (Photo : Getty Images. )

China's insurance giant Anbang Insurance Group has flatly dismissed the reports that it is investing in a flagship Manhattan tower owned by the family of Jared Kushner, the son in law of US President Donald Trump.      

The report about this high profile deal began circulating in the American media after Anbang Insurance was listed in the Bloomberg report as a possible investor in the multi-billion dollar deal to acquire the 41-floor building located at 666 Fifth Avenue.

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"The information about Anbang investment in 666 Fifth Avenue is not correct, there is no investment from Anbang for this deal," a spokesman for Anbang said in a statement on Tuesday.

The property was bought by Kushner Cos, a real estate company owned by Kushner family, in 2006 for approximately $1.8 billion. The final price was a record amount given that it was a highest price being paid for a single building at that time in the Manhattan city.

If Anbang does invest in this high profile Manhattan property, then it would have been the most high profile Chinese deal on the American soil since Trump assumed the office in January. But more importantly, the deal would have led to glaring conflict of interest, a reason why this possible deal has drawn a sharp reactions in the American press.

Jared Kushner sits on the panel of Trump's foreign policy advisory panel, a position that necessities Mr. Kushner do not have any major business interests with any country. Kushner's any business interest with China would come in more sharp focus given that Trump administration is widely seen as anti-Chinese on all the major issues.  

There is also the shadow of an impending trade war looming large on the Sino-U.S bilateral relationship. Since the campaigning days, Trump has been voicing his criticism over China's alleged controversial trade practices, labelling the Asian giant as 'currency manipulator' and 'job thief.'

There are wide spread concerns that the Trump administration may put a break on Chinese companies acquisition spree, which is already been hard pressed by the tough American regulator. Last year, Anbang abruptly pulled out of a $14 billion bid for Starwood Hotels & Resorts reportedly after the U.S. regulators raised serious concerns over the deal.

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