Anbang boosts holding in major builder

Chinese insurance conglomerate Anbang Insurance Group has substantially boosted its holdings in China State Construction Engineering Corp, the country's biggest construction company, drawing regulatory attention to the purpose behind the move.

The construction firm said on Tuesday it received an inquiry letter from the Shanghai Stock Exchange asking about Anbang's recent massive purchase of the shares.

Anbang has bought at least 363 million shares of the construction giant since Friday, boosting its holdings in the company to 6.21 percent of total outstanding shares, making it the fourth-largest shareholder of the company, according to public filings.