The Wall Street Journal: Anbang tycoon held by China in corruption probe

SHANGHAI — A highflying Chinese business tycoon whose company owns New York’s Waldorf Astoria hotel was detained in China late last week by authorities who are investigating corruption and trying to curb risky financial behavior.

Wu Xiaohui, who transformed Anbang Insurance Group from a provincial auto insurer into a global deal maker, was detained by a special investigative unit looking at economic crimes, people familiar with the matter said. The probe centers on whether Wu was involved in bribery and other economic crimes at Anbang, these people said.

Previously: CEO of China’s Anbang Insurance steps aside

Politically connected tycoons such as Wu, who has been married to a granddaughter of former leader Deng Xiaoping, have become a focus for China’s leaders as the Communist Party gets set to hand President Xi Jinping a second five-year mandate at a high-level conclave this fall.

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