The China Insurance Regulatory Commission (CIRC) has suspended insurer China Evergrande Group from investing in shares. In a statement on its website, the CIRC said described the insurance company's asset allocation plan as "not clear" and warned its capital operation was "not standardised". China Evergrande Group, the insurance subsidiary of Xu Jiayin’s Evergrande Life and Baoneng Group's Foresea Life, are both being investigated for legal compliance following their heated battle for control over rival developer China Vanke. Baoneng is Vanke's biggest shareholder, while China Evergrande Group is the third, with a recently acquired 15% stake.
The China Insurance Regulatory Commission (CIRC) has suspended insurer Evergrande Life from investing in shares. In a statement on its website, the CIRC said described the insurance company's asset allocation plan as "not clear" and warned its capital operation was "not standardised". Evergrande Life, the insurance subsidiary of Xu Jiayin’s China Evergrande Group and Baoneng Group's Foresea Life, are both being investigated for legal compliance following their heated battle for control over rival developer China Vanke. Baoneng is Vanke's biggest shareholder, while Evergrande Life is the third, with a recently acquired 15% stake.