China Economic ReviewChina has approved eight more foreign insurance companies to operate or expand their business in the country, said Xinhua. The companies are CNP of France, Surich Insurance of Sweden, Allianz and Gerling- Konzern Allgemeine of Germany, Transamerica Occidental Life of the US, Commercial Union and Royal Sun Alliance of the UK, and a Shanghai-based joint […]
Swiss Reinsurance Group is awaiting regulatory approval to enter China’s reinsurance market, China Daily said. When approval is given, the group will set up a wholly owned branch in China, likely to be in Shanghai or Beijing. When approval has been given, the group will become the first foreign firm to offer reinsurance in China. […]
The China Insurance Regulatory Commission has announced the timetable for lifting geographic restrictions on foreign insurance companies’ operations after China joins the World Trade Organisation. Foreign life and non-life firms will be allowed to provide services in Shanghai, Guangzhou, Dalian, Shenzhen and Foshan as soon as China joins and the number will be progressively enlarged […]
The abolition of a 1995 rule prohibiting foreign firms from buying state and legal person shares in listed companies is unlikely to produce a rush of purchases of state-owned enterprises, according to analysts quoted by South China Morning Post. Purchases of stakes held by government institutions and government-controlled enterprises are still subject to restrictions that […]
Huarong Asset Management has sold a batch of distressed assets of state-owned enterprises to a consortium of foreign companies headed by Morgan Stanley. They paid about 9 per cent of the book value of the US$1.31bn sold. According to the Financial Times, the consortium hopes to recover 20-25 per cent on the US$120m it has […]