China Pacific Insurance to Invest at Least USD15 Billion in Xiong'an New Area

China Pacific Insurance to Invest at Least USD15 Billion in Xiong'an New Area

Dou Shicong

Date: Fri, 12/01/2017 - 17:32 / source:Yicai
China Pacific Insurance to Invest at Least USD15 Billion in Xiong'an New Area
China Pacific Insurance to Invest at Least USD15 Billion in Xiong'an New Area

(Yicai Global Dec.1) -- Shanghai-based insurance giant Chinese Pacific Insurance (Group) Co. [SHA:601601] plans to invest between CNY100 billion (USD15.13 billion) and CNY150 billion (USD22.70 billion) in Xiong'an New Area, located in China’s northern Hebei Province, encompassing the firm’s life insurance, asset management and endowment insurance divisions, China Securities reported yesterday.

The firm’s life insurance division has agreed a strategic partnership with three prefecture-level cities and one county-level city in Hubei province, for governmental services.

Xiong'an New Area, located in Baoding city, is in proximity to Beijing and Tianjin. It is a state-level new area of historic and strategic importance set up by President Xi Jinping in April this year and is expected to become a new engine of innovation-driven development in Beijing-Tianjin-Hebei region.

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Keywords: MSCI, Xiong’an New Area, Beijing-Tianjin-Hebei Region