US panel greenlights Genworth acquisition

A United States government panel has dropped its objections to the acquisition of a US insurance company by a Chinese investment firm best known for its commercial real estate projects.

Genworth Financial Inc and China Oceanwide Holdings Group Co said on Saturday that the Committee on Foreign Investment in the United States had completed its review of the proposed $2.7 billion buyout.

The committee found "no unresolved national security concerns" with the proposed deal, Genworth said.