Four of China's insurance companies have been given green light by the
country's insurance regulator to invest 16 billion yuan (US$2.35 bln) in the
Beijing-Shanghai express railway.
Sources from the China Insurance Regulatory Commission (CIRC) said that four
asset management companies under the Ping'an Insurance, Pacific Insurance,
Taikang Life and Taiping Life will jointly set up a Beijing-Shanghai express
railway equity investment project to raise the planned amount of capital.
In addition to the four insurers, the China Reinsurance (Group) Company,
Generali China Life Insurance Company and PICC will also act as partakers and
beneficiaries of the project, with the China Construction Bank as the trustee
and the China Development Bank as an independent supervisor.
The CIRC demanded all parties involved in the project to strictly abide by
related laws and regulations and prevent credit, operation, moral and legal
risks. It also requested the project to submit timely report on its operation or
events of significance.
On Dec. 27, 2007, the Beijing-Shanghai Express Railway Co. Ltd was unveiled
in Beijing for the construction of the 1,318-km high-speed railway between
China's top two cities.
