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MarketScreener Homepage  >  Equities  >  SHENZHEN STOCK EXCHANGE  >  China Vanke Co., Ltd.    000002   CNE0000000T2

CHINA VANKE CO., LTD.

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China's Anbang: from auto insurance roots to global buyer of luxury hotels

03/15/2016 | 06:02am EST
The Waldorf Astoria is pictured at 301 Park Avenue in New York

BEIJING (Reuters) - China's Anbang Insurance Group Co has emerged from near obscurity 18 months ago to sign deals worth more than $30 billion, moving into the big league of global real estate and finance.

The Beijing-based firm has offered $12.8 billion for U.S. hotel operator Starwood (>> Starwood Hotels & Resorts Worldwide Inc) and also agreed this month to pay Blackstone Group (>> Blackstone Group LP) $6.5 billion for Strategic Hotels & Resorts Inc, whose 16 luxury properties include the Four Seasons Washington D.C.

Established in 2004 as an automotive and property insurer by chairman Wu Xiaohui, a native of China's entrepreneurial coastal city Wenzhou, Anbang is looking to use its 1.65 trillion yuan ($253 billion) in assets to transform into a worldwide investor.

"Anbang will have a global footprint. In 10 years, Anbang will have companies on all the world's continents," Wu, who is 49 and married to Deng Zhuorui, a granddaughter of Chinese patriarch Deng Xiaoping, told students at Harvard University last year.

Business associates describe Wu as passionate, impatient and very ambitious. He often travels by private jet accompanied by a retinue of assistants.

His acquisition strategy is underpinned by an aggressive pursuit of yield-producing companies, those business associates say, funded by cash from selling insurance products and other sources.

In October 2014, Anbang agreed to pay $1.95 billion for the Waldorf Astoria Hotel in New York, a move Wu said brought the insurer "extra brand recognition" and business opportunities.

Last year, Anbang agreed to buy U.S. insurer Fidelity & Guaranty Life (>> Fidelity & Guaranty Life) for $1.6 billion, and paid around $1 billion for South Korea's Tong Yang Life Insurance Co (>> Tong Yang Life Insurance Co Ltd). It has also bought control of Fidea, a Belgium based insurer, and the Belgian banking operations of Dutch insurer Delta Lloyd. It is in talks to buy Allianz's (>> Allianz SE) South Korean operations.

At home, Anbang has a leading stake in China Minsheng Banking Corp Ltd (>> China Minsheng Banking Corp Ltd)<1988.HK>, the country's biggest private lender, and is a significant shareholder in China Vanke Co (>> China Vanke Co., Ltd.)<2202.HK>, the largest residential property developer.

CONNECTIONS

When he set up Anbang, Wu enlisted a small consortium of private and state investors led by Shanghai Automotive Industry Group Corp, the parent of a government-owned automaker that has ventures with General Motors (>> General Motors Company) and Volkswagen <VOWG.DE>. State-owned China Petrochemical Corp later bought a stake.

Anbang's original board included Levin Zhu, former CEO of China International Capital Corp and son of former premier Zhu Rongji, and Long Yongtu, China's chief negotiator when it joined the World Trade Organization. Wu also turned to Chen Xiaolu, a son of Chinese Marshal Chen Yi, for support.

Anbang holds licenses for selling property, life and health insurance, and operates an annuity insurance business and asset management arm. It doesn't publish group finances, but says its assets have more than doubled since December 2014.

Two subsidiaries, Anbang Life Insurance and Anbang Annuity Insurance, raised 49 billion yuan ($7.53 billion) in investment funds last year, mainly through selling high-yielding universal life insurance policies.

(Reporting by Matthew Miller and Michelle Price; Editing by Ian Geoghegan)


© Reuters 2016
Stocks mentioned in the article
ChangeLast1st jan.
AGRICULTURAL BANK OF CHINA LIMITED 0.00% 3.14 End-of-day quote.0.00%
ALLIANZ SE 1.33% 193.02 Delayed Quote.-3.83%
BEIJING HUAYE CAPITAL HOLDINGS CO.,LTD 0.00%End-of-day quote.0.00%
BEIJING SHOUGANG CO., LTD. -2.20% 3.56 End-of-day quote.-7.05%
CHINA MERCHANTS BANK CO.. LTD. 0.91% 52.11 End-of-day quote.18.57%
CHINA MINSHENG BANKING CORP., LTD. -0.19% 5.13 End-of-day quote.-1.35%
CHINA VANKE CO., LTD. 0.34% 29.36 End-of-day quote.2.30%
E.ON SE 1.18% 8.884 Delayed Quote.-1.99%
FINANCIAL STREET HOLDINGS CO., LTD. -1.13% 6.13 End-of-day quote.-4.96%
GEMDALE CORPORATION -1.92% 11.72 End-of-day quote.-13.19%
GENERAL MOTORS COMPANY -2.53% 52.04 Delayed Quote.28.22%
HUISHANG BANK CORPORATION LIMITED -2.30% 2.55 End-of-day quote.0.39%
INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED 0.20% 5.05 End-of-day quote.1.20%
LETS HOLDINGS GROUP CO., LTD. -5.09% 7.46 End-of-day quote.-4.11%
MARRIOTT INTERNATIONAL, INC. 0.69% 120.44 Delayed Quote.-8.70%
PREMIER, INC. -0.38% 34.33 Delayed Quote.-2.19%
SHANGHAI PUDONG DEVELOPMENT BANK CO., LTD -0.72% 9.72 End-of-day quote.0.41%
STARWOOD HOTELS & RESORTS WORLDWIDE INC -0.26% 77.05 End-of-day quote.0.00%
TONG YANG LIFE INSURANCE CO., LTD. -0.13% 3995 End-of-day quote.13.49%
US DOLLAR / CHINESE YUAN RENMINBI (USD/CNY) -0.02% 6.4621 Delayed Quote.-0.71%
WORLD CO., LTD. -0.91% 1307 End-of-day quote.4.31%
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More news
Financials
Sales 2020 437 B 67 561 M 67 561 M
Net income 2020 42 761 M 6 617 M 6 617 M
Net Debt 2020 78 746 M 12 186 M 12 186 M
P/E ratio 2020 7,85x
Yield 2020 4,04%
Capitalization 336 B 51 970 M 51 986 M
EV / Sales 2020 0,95x
EV / Sales 2021 0,79x
Nbr of Employees 131 505
Free-Float 69,4%
Chart CHINA VANKE CO., LTD.
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China Vanke Co., Ltd. Technical Analysis Chart | MarketScreener
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Technical analysis trends CHINA VANKE CO., LTD.
Short TermMid-TermLong Term
TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 25
Average target price 33,08 CNY
Last Close Price 29,70 CNY
Spread / Highest target 30,4%
Spread / Average Target 11,4%
Spread / Lowest Target -1,35%
EPS Revisions
Managers and Directors
NameTitle
Jiu Sheng Zhu President, CEO & Executive Director
Liang Yu Chairman
Dong Xie Chairman-Supervisory Board
Hai Wu Wang Chief Operating Officer, Executive Director & EVP
Hui Hua Han Finance Principal & Executive Vice President
Sector and Competitors
1st jan.Capitalization (M$)
CHINA VANKE CO., LTD.2.30%51 241
VONOVIA SE-6.69%38 334
CHINA EVERGRANDE GROUP12.89%28 727
DEUTSCHE WOHNEN SE-3.46%17 489
CHINA MERCHANTS SHEKOU INDUSTRIAL ZONE HOLDINGS CO., LTD.-4.97%15 084
VINHOMES11.17%14 095