Sep 16, 2023 06:05 AM

FINANCE

Evergrande’s Insurance Arm Taken Over by New State-Owned Insurer

By Wu Yujian and Han Wei

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Shenzhen-based Evergrande Life’s liquidity eroded as its largest shareholder China Evergrande slid deeper into a debt crisis since mid-2021

Shenzhen-based Evergrande Life’s liquidity eroded as its largest shareholder China Evergrande slid deeper into a debt crisis since mid-2021

China’s financial regulator Friday approved the takeover of the insurance arm of embattled property giant China Evergrande Group by a newly created state-owned insurer.

Haigang Life Insurance Co. Ltd. will assume all of the assets and liabilities of Evergrande Life Assurance Co., the National Administration of Financial Regulation (NAFR) said Friday in a statement.

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