Mainland insurance firms up their stakes in property developers

Anbang Insurance has revealed it will buy a 20.5% stake worth HK$7.8 billion (about US$1 billion) in Chinese property developer Sino Ocean Land in the latest push by China’s insurance industry into real estate, South China Morning Post reported, citing a filing to the Hong Kong Stock Exchange. The disclosure comes only a day after China Vanke disclosed that Foresea Life Insurance and sister company Shenzhen Jushenghua had increased their stake in the mainland developer to 20%, displacing China Resources as the company’s largest stakeholder. Insurance companies have emerged as a major force in real estate investment in recent years as authorities eased investment regulations for the sector.