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Shanghai Industrial Fund woos insurance funds |
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Written by Administrator
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Friday, 11 August 2006 |
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BEIJING, August 11 (InfoChina) – The upcoming Shanghai Industrial Fund hopes to absorb insurance funds as its initiators, according to Shanghai Securities News.
Shanghai local officials expressed their welcome for insurance funds to invest in Shanghai to Wu Dingfu, chairman of China Insurance Regulatory Commission, during a recent insurance work conference in Shanghai.
Tianjin, north China’s booming port city, has already opened door for insurance funds to enter industrial fund.
China Life Insurance Co., Ltd. (NYSE: LFC, HK: 2628) become one of the six initiators of the Tianjin-based Bohai Industrial Fund by putting in 1 billion yuan, vs. the fund’s total pool of some 20 billion yuan.
Shanghai Pudong Development Zone is said to be looking for insurance funds’ participation in some key projects, such as Shanghai World Expo.
An industry insider disclosed that as the application process is complicated, the proposed industrial fund is still under preparation and no specifics have come out.
Insurance funds have become the most popular capital quarry contested by varied sectors. Experts say the total amount of insurance assets will top 2 trillion yuan by the first half of 2007. Therefore, there will be enormous amount of insurance funds for investment then. |
China Stock News