Wu Xiaohui, the former Anbang Insurance Group chairman and one of Manhattan's most prolific real estate investors, has been sentenced to 18 years in jail in addition to a $1.65 billion asset seizure after being convicted by Chinese authorities for fraud and embezzlement. Between 2014 and 2016, Anbang acquired the Waldorf Astoria from Blackstone Group for $1.95 billion in addition to their entire Strategic Hotels & Resorts for an another $6.5 billion. Anbang also made an unsuccessful attempts to purchase Starwood Hotels and Resorts for some $14 billion and partner with Kushner Companies on 666 Fifth Avenue. In February 2018 the Chinese government said Anbang had fallen into financial ruin and put an insurance regulator in control of the company as well as announced a government investment of $10 billion.
