China’s Anbang Insurance Group has decided to put its Japanese property portfolio worth $2.4 billion up for sale. According to reports, previous owner Blackstone could be a potential bidder.

The state-owned insurance group was one of the most aggressive buyers of foreign assets. The company has spent around $30 billion over the years on foreign asset acquisition. But currently, the insurer is speeding up its asset disposal process. Anbang previously paid Blackstone $2.4 billion for the assets in 2017, which was Japan’s biggest property deal since the global financial crisis.

Blackstone, a US-based equity giant is also bidding for Anbang Insurance’s portfolio of US luxury hotels business which is also up for sale. Private equity firms such as Brookfield Asset Management, Mirae Asset Management, SoftBank-owned Fortress and also Blackstone have put in bids up to $5.8 billion. According to reports, 17 potential buyers have placed their bid for the multibillion-dollar US luxury hotel portfolio which includes JW Marriott Essex House in New York, Loews Santa Monica Beach Hotel in Los Angeles, Westin St. Francis in San Francisco and the Four Seasons in Jackson Hole, Wyoming.

However, reportedly South Korea’s Mirae Asset Financial Group has emerged as the potential buyer and is working on the terms for the purchase of the insurer’s 15 luxury hotels.

Blackstone is also seeking a buyer for a portfolio of 82 blocks of flats in Japan which is estimated to be worth $1.5 billion. JLL and Mizuho Trust & Banking have been appointed by Blackstone as advisers for the sale. According to reports, the portfolio contains 4,500 apartments in ten cities across the country, with the majority located in Tokyo and Osaka.