Credit
Ben Asen/International Insurance Society
HONG KONG — An obscure phrase on foreign investment tucked into China’s insurance regulations is being viewed as stunningly cryptic by Western standards. But the collection of words — not even a full sentence — adds to the mystery surrounding the sudden decision by the Chinese insurer Anbang Insurance Group to walk away from a $14 billion bid for the Starwood hotel chain.
The phrase allows insurance companies to make overseas investments, provided the total does not exceed 15 percent of their assets. But…
