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Private-equity firms such as Blackstone, Brookfield Asset Management, Mirae Asset Management, and SoftBank-owned Fortress have put in bids of up to US$5.8-billion for Anbang Insurance’s portfolio of U.S. luxury hotels business, the Financial Times reported on Tuesday, citing people familiar with the sales process.

Seventeen potential buyers have submitted their bids to Chinese authorities unwinding Anbang, which was placed under regulatory control last year after its founder, Wu Xiaohui was jailed for 18 years on fraud and embezzlement charges, FT said.

Blackstone, Brookfield and Fortress were not immediately available for Reuters request for comment on the report. Anbang Insurance was not reachable outside of regular business hours.

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Anbang’s overseas portfolio includes properties of Strategic Hotels & Resorts – bought for US$6.5-billion from Blackstone in 2016 – such as the Four Seasons Washington and JW Marriott Essex House Hotel in New York.

The insurer also owns the Four Seasons Hotel Moscow as well as office buildings Bentall Centre in Vancouver and 70 York Street in Toronto, according to Thomson Reuters data and media reports.

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