Ping An Insurance has won government approval to invest US$1.2 billion in a major railway project, the Hong Kong Standard reported. China's second largest life insurer plans to invest in a railway between Guangzhou and Wuhan. It is the first insurance company allowed to invest in a railway. "Ping An will work with the Ministry of Railways on the project," one source told the newspaper. "The government will invest about 50 billion yuan (US$6.3 billion) in the railway and leave the other half to institutional investors." Ping An Trust, the investment arm of the company, will raise up to 80% of the money through a trust investment product that targets institutions. Product roadshows started this week.