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Chinese insurers to invest $2.35b in Beijing-Shanghai express railway

(Xinhua)
Updated: 2008-06-21 15:35

Four of China's insurance companies have been given green light by the country's insurance regulator to invest 16 billion yuan ($2.35 billion) in the Beijing-Shanghai express railway.

Sources from the China Insurance Regulatory Commission (CIRC) said that four asset management companies under Ping An Insurance, China 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 December 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.