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The ruling Chinese Communist Party has taken over an investment conglomerate run by kidnapped billionaire Xiao Jianhua amid allegations of unauthorized lending, as General Secretary Xi Jinping announced moves to strengthen the domestic economy.
Xiao is believed to have been abducted by mainland Chinese state security police from his apartment in Hong Kong's Four Seasons Hotel in January 2017.
The China Banking and Insurance Regulatory Commission said it is targeting 38 major shareholders of banks including Baoshang Bank, which was taken over by regulators last year, and banks affiliated with Anbang Insurance, which was also taken over by the regulator a year earlier.
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