Report: Chinese insurance tycoon detained

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A Chinese business news magazine says the chairman of the insurance company that bought New York City's Waldorf Hotel has been detained by regulators.

Tuesday's report by Caijing follows accusations of possible misconduct by Anbang Insurance Group.

The magazine, citing unidentified sources, said Anbang chairman Wu Xiaohui was detained last Friday.

Anbang made a high-profile series of foreign acquisitions that included paying $2 billion for the Waldorf in 2016.

Anbang denied accusations in April by another magazine, Caixin, that it improperly used payments from policyholders as capital.