3 Chinese life insurers plan bond launches
Print Edition
THREE Chinese life insurance companies plan to issue a combined 20 billion yuan (US$3.1 billion) of bonds on Friday to replenish capital.
An Bang Life Insurance Co yesterday announced a bond issue of 15 billion yuan while Happy Life Insurance Co planned a 3 billion yuan issue, and Tian’an Life Insurance Co said it would launch a 2 billion yuan bond, according to separate company statements.
The planned bond issues came as Chinese insurance companies were increasingly active in buying equities especially of real estate developers.
The China Insurance Regulatory Commission released a notice in June, encouraging insurance companies to buy blue-chip shares.
From June to December 11, 26 listed companies said insurance firms have increased their stakes in them, the notice said.
An Bang yesterday bought 15.9 million shares in commercial real estate firm Chang Chun Eurasia Group Co through three subsidiaries.
Last week, An Bang spent 2.3 billion yuan to buy shares in Shenzhen-listed China Vanke to raise its stake in the real estate giant to 7.01 percent.
Earlier, Foresea Life Insurance raised 5.8 billion yuan in three bond issues this year. The insurer has bought 6.66 percent of Vanke before the developer suspended trading last Friday.
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