Who Will Be Called On to Clean Up the Anbang Mess?

Beijing has a $320 billion mess on its hands. The question is, which of the country’s biggest institutions will it tap to tidy up?

Regulators last week took over the highly indebted and overgrown Anbang Insurance. The insurer might be thought of as basically China’s version of AIG, which was on the brink of collapse a decade ago—though how its rescue ends up could be quite different.

Beijing...