Caixin
Jan 16, 2023 09:40 PM
FINANCE

Ex-New China Life Chairman Has Been Unreachable Since November, Sources Say

Wan Feng, an ex-chairman of Hong Kong-listed New China Life Insurance has been unreachable for more than a month, Caixin has learned.
Wan Feng, an ex-chairman of Hong Kong-listed New China Life Insurance has been unreachable for more than a month, Caixin has learned.

An ex-chairman of Hong Kong- and Shanghai-listed New China Life Insurance Co. Ltd. has been unreachable for more than a month, Caixin has learned.

Wan Feng, 64, has been unreachable since around mid-November, which is likely related to how the state-owned insurance major invested its funds during his tenure as chairman from 2016 to 2019, industry insiders said.

Chinese authorities have opened an investigation into New China Life for its investments in the real estate sector, one of which Wan led himself, several industry insiders said.

Other sources told Caixin that Wan might be facing charges for seeking personal benefits when the company deposited insurance funds in banks.

Real estate is a type of alternative investment for insurance companies. It is prone to corruption due to the long investment cycle, large amount of capital required and lack of transparency.

Wan’s wife, who worked at a real estate company, has also been unreachable, according to industry insiders. Multiple sources familiar with the matter told Caixin that Wan’s disappearance might have something to do with his wife.

Wan is an insurance industry veteran with around four decades of experience. Before joining New China Life, he served as president of China Life Insurance Co. Ltd., another state-owned giant.

Contact reporter Zhang Ziyu (ziyuzhang@caixin.com) and editor Michael Bellart (michaelbellart@caixin.com)

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