Xingfu Life to introduce reverse mortagages in domestic market

Xingfu Life Insurance has received regulatory approval to sell reverse mortagages, Economic Observer reported (in Chinese). Industry experts expressed concern that the launch of the new financial products, scheduled for October, will face challenges due to the relative immaturity of the domestic real estate market. Reverse mortgages could serve as a supplement to the Chinese social security system, which currently consists of social pension insurance, commercial life insurance and corporation pensions, said Lu Jianming, director of strategy at China Life.