China's Zhongtian Financial is looking to buy a 21%-25%, CNY31bn ($4.7bn), stake in Huaxia Life Insurance, which is part of conglomerate Tomorrow Holdings controlled by billionaire Xiao Jianhua. Zhongtian, which began as a real estate developer, has been expanding into the finance sector, with insurance and securities its priorities. As we have previously highlighted, large Chinese companies are clamouring to enter the nation's insurance market on bets it will surge over Aug. 21.
China's Zhongtian Financial is looking to buy a 21%-25%, CNY31bn ($4.7bn), stake in Huaxia Life Insurance, which is part of conglomerate Tomorrow Holdings controlled by billionaire Xiao Jianhua. Zhongtian, which began as a real estate developer, has been expanding into the finance sector, with insurance and securities its priorities. As we have previously highlighted, large Chinese companies are clamouring to enter the nation's insurance market on bets it will surge over the next five years.