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Stephen Schwarzman

Group led by Chinese firm Anbang bids $12.8 billion for Starwood Hotels

Group led by Chinese firm Anbang bids $12.8 billion for Starwood Hotels

Nearly 30 years after cash-rich Japanese companies began snapping up prime U.S. real estate, Chinese companies are following suit at a record pace as they search for solid international investments to make up for slowing growth at home.

The latest is Anbang Insurance Group Co., a once-obscure Chinese insurer that's taking a fast, multibillion-dollar ride up to the penthouse of the American hotel industry, aided perhaps by its ties with Chinese political leaders.

Formed only 12 years ago, Anbang is aggressively trying to buy luxury U.S. hotel properties from Southern California to New York in $21 billion worth of potential deals.

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