China Economic ReviewMunich Re, the world's largest reinsuranee company, has become the first foreign firm to win a nationwide licence for yuan-denominated reinsurance business. The move is part of a liberalisation of the insurance market following China's accession to the World Trade Organisation. Munich Re's total premiums from insur-ance and reinsurance in China last year were US$37bn, […]
The US investment bank Goldman Sachs has signed a landmark deal with the Industrial & Commercial Bank of China (ICBC) to form a strategic partnership to dispose of non-performing loans. Hank Paulson, chairman of Goldman Sachs, said that the venture would mark the start of a longterm relationship with the bank. The joint venture intends […]
The China Insurance Regulatory Commission has approved two of the six applications for listing programmes submitted by domestic insurance firms. Announcing the decision, Li Kemu, vice-chairman of the commission, said public offerings would enhance the operating efficiency and transparency of insurers and enlarge their capital base. The two successful applicants New China Life Insurance and […]
Citic Pacific, the Hong Kong-based con-glomerate that is backed by the mainland, has agreed to sell to its joint venture partners all of its investments in Shanghai infrastruc-ture projects with guaranteed fixed returns. The move had been widely expected since the Chinese government banned guar-anteed returns on foreign-invested infrastructure projects last year. The projects comprise […]
China Construction Bank, the country's top property lender, has imposed curbs on lending to developers of luxury homes, hotels and offices, Reuters reported. The bank said that the move was prompted by concerns for the higher risks associated with such projects. Its priority is to develop affordable housing for ordinary people. The bank has increased […]