Sep 16, 2023 06:05 AM

FINANCE

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

By Wu Yujian and Han Wei

00:00

00:00/00:00

Listen to this article 1x

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.

You've accessed an article available only to subscribers

Subscribe today for just $.99.

VIEW OPTIONS

Unlock exclusive discounts with a Caixin group subscription — ideal for teams and organizations.

Subscribe to both Caixin Global and The Wall Street Journal — for the price of one.

Share this article

Open WeChat and scan the QR code

GALLERY

: Gallery: Powerful Quake Strikes Off Japan

NEWSLETTERS

Get our CX Daily, weekly Must-Read and China Green Bulletin newsletters delivered free to your inbox, bringing you China's top headlines.

We ‘ve added you to our subscriber list.

Manage subscription

PODCAST

China Business Uncovered Podcast: Inside the Fall of ‘China’s LVMH’

00:00

00:00/00:00

MOST POPULAR

1: Chief Designer of China’s J-20 Stealth Fighter Disappears From Elite Academic Roster

2: Exclusive: First Chinese Supertanker Loads Saudi Crude via Red Sea, Bypassing Strait of Hormuz

3: Qatar Helium Shutdown Adds New Risk to Chip Supply Chain

4: Analysis: China’s Plan to Tackle Weak Demand, Low Inflation

5: Cover Story: U.S.-Israel War With Iran Drifts Toward Attrition

SPONSORED

OR