Caixin
Jan 14, 2013 06:42 PM

How Mystery Man Scared CDB from Billion-Dollar Deal

 
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(Beijing) – When a high-profile, billion dollar deal for a stake in a Chinese insurer was inked in early December, officials at the country's biggest policy bank were asking one question seemly unrelated to the transaction:

Who is Xiao Jianhua?

The answer to that question eventually sank China Development Bank's (CDB) planned HK$ 44 billion loan to help Thailand's Charoen Pokphand Group (CP) buy 15.57 percent of Ping An Insurance Co.

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