Wu Xiaohui, chairman of China's insurance conglomerate Anbang, is reportedly under investigation, Chinese business media Caijing Magazine reported on Tuesday.

Anbang, established in 2004, has been behind a series of high-profile cross-border acquisitions since beginning a buying spree in 2014. Its purchase of the landmark Waldorf Astoria Hotel in New York for 1.95 billion US dollars grabbed headlines across the world.

The company has reportedly pulled out of several major deals over the past year. It was one of the leading suitors for the Starwood Hotels & Resorts portfolio, but backed out at the last minute. Anbang was also in advanced talks to invest in the Kushner Companies-owned skyscraper at 666 Fifth Avenue in New York, but recently withdrew from the deal.