ized ▁by ▁the ▁Chinese ▁Government , ▁and ▁became ▁part ▁of ▁the ▁People ' s ▁Bank ▁of ▁China ▁and ▁the ▁People ' s ▁In sur ance ▁Company ▁of ▁China ▁( PI CC ) ▁respectively . ▁However , ▁the ▁Chinese ▁government ▁owned ▁bank ▁and ▁ins urance ▁companies ▁still ▁do ▁business ▁in ▁Hong ▁Kong , ▁at ▁that ▁time ▁a ▁col ony ▁of ▁the ▁British ▁Empire ▁on ▁Chinese ▁soil . ▁The ▁Hong ▁Kong ▁headquarters ▁of ▁China ▁In sur ance ▁Company ▁and ▁M ing ▁An ▁In sur ance ▁were ▁located ▁in ▁the ▁Bank ▁of ▁China ▁Building ▁in ▁the ▁ 1 9 6 0 s , ▁while ▁the ▁Hong ▁Kong ▁headquarters ▁of ▁Ta ip ing ▁In sur ance ▁was ▁in ▁Tak sh ing ▁House . ▁The ▁three ▁a for ement ioned ▁Hong ▁Kong ▁based ▁Chinese ▁government ▁owned ▁ins ur ers ▁had ▁formed ▁China ▁Re ins urance ▁Company ▁( H ong ▁Kong ), ▁Limited ▁in ▁ 1 9 8 0 , ▁which ▁was ▁one ▁of ▁the ▁initial ▁major ▁assets ▁of ▁the ▁listed ▁company ▁that ▁was ▁incorpor ated ▁in ▁ 2 0 0 0 . ▁In ▁ 1 9 9 9 ▁P IC C ▁was ▁break ▁down ▁into ▁several ▁smaller ▁ins urer ▁groups , ▁including ▁the ▁listed ▁company ' s ▁parent ▁company ▁China ▁In sur ance ▁Company , ▁as ▁well ▁as ▁P IC C ▁itself , ▁China ▁Life ▁and ▁China ▁Re . ▁They ▁were ▁the ▁market ▁leaders ▁in ▁general ▁ins urance , ▁life ▁ins urance ▁and ▁re ins urance ▁in ▁Main land ▁China ▁respectively . ▁Under ▁the ▁break up ▁plan ,