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Taiwan’s ShinKong Life Insurance steps closer to forming JV with China Southern Airlines |
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Written by Administrator
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Monday, 09 October 2006 |
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BEIJING, October 9 (InfoChina) – Taiwan’s second largest life insurer, ShinKong Life Insurance Co. Ltd., may finalize by this yearend an agreement with Guangzhou-based China Southern Airlines Holdings on forming a life insurance joint venture in the mainland, according to Taiwan media reports.
The reports say both sides will pour in an investment of 400 million yuan for the JV, which may be located in either Beijing or Shanghai. The Yangtze River Delta, including economically booming cities as Shanghai, Nanjing, Hangzhou, Suzhou, Kunshan and Wuxi, is a focus market of the JV, according to the reports. The Taiwan insurer partnered up with China Southern Airlines, whose turf is mainly in the Pearl River Delta, possibly because Shanghai-based China Eastern Airlines has already allied with Taiwan’s Cathay Life Insurance in forming a life insurance JV in the mainland two year ago. China Southern Airlines, the mainland’s largest carrier by fleet size, has stepped up efforts in digging east China and north China markets. This may facilitate the JV’s expansion in the mainland market to a certain degree.
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