Anbang shows billionaires should be nervous in Xi’s new China

SINGAPORE/HONG KONG (June 15): China’s billionaires are learning yet again that wealth and power are no longer enough to keep them out of trouble.

Anbang Insurance Group Co. said Tuesday that Wu Xiaohui -- its chairman, and one of China’s most aggressive overseas dealmakers -- was unable to perform his duties for personal reasons. Caijing Magazine, a reputable finance and business magazine, said he was taken away for questioning.

Wu is the latest example of the new reality in Xi Jinping’s China: Almost anyone could be hauled away at any time, regardless of cash or connections. Since Xi became party chief in 2012, billionaires and senior Communist Party members alike have been among those rounded up for questioning over corruption, financial crimes or other misdeeds.

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