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Two sources familiar with the plan pointed out that China's troubled Anbang Insurance Group was ready to sell its $2.4 billion Japanese real estate assets, while the former owner of the assets, Blackstone Group (BX.N), bid for acquisition.
The assets are mainly apartment buildings in metropolitan areas such as Tokyo. Sources said that Anbang attempted to sell some of them last year, but failed. At present, Anbang is ready to sell the whole batch of assets.
"The sale process has just begun. Anbang plans to sell the entire portfolio bought from Blackstone, "one of the sources said. The source did not want to be named because he was not authorized to discuss Anbang's plan publicly.
Anbang and Blackstone declined to comment.
Sources said that the price of the assets has not yet been determined, and the sale plan is still in its infancy. Anbang bought the assets from Blackstone in 2017 at around 260 billion yen ($2.4 billion), the largest real estate transaction in Japan since the global financial crisis.
The Chinese government took over Anbang in February last year as part of measures to reduce financial risks. Wu Xiaohui, former chairman of Anbang, was subsequently sentenced to 18 years for fraud and embezzlement.


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