Financially stricken Anbang Insurance Group has put up its 35% stake in Chengdu Rural Commercial Bank for sale with at CNY16.8bn ($2.44bn), reported Reuters citing a filing to the Beijing Financial Asset Exchange.
The annual total returns on basic pension fund investments reached CNY8.78bn ($1.2bn) last year, with an annual return rate of 5.23%, according to data released by the National Council for Social Security Fund (NCSSF) in its annual report.
The number of wealthy Indians is expected to rise by 87% over the next five years to 529,940 people, according to a study by IIFL Wealth Management and Wealth-X.
China and the US agreed to a ceasefire to keep their trade war from escalating with a promise to halt the imposition of new tariffs for 90 days after high-stakes talks in Argentina on 1 December following the G20 meetings between US President Donald Trump and Chinese President Xi Jinping, including no escalated tariffs on 1 January 2019.
Slower deleveraging by the Chinese government could result in life insurers shouldering greater responsibility to assist the economy. The insurers would have to invest more in distressed assets and provide funds to highly leveraged institutions, says S&P in a report published last month.
Revised regulations that re-impose limits on Formosa bond investments of insurance companies have come into effect since 23 November.
China's public mutual funds perhaps need to play a bigger part in the country's pension investments, Mr Zhou Xiangyong, general manager of Guotai Asset Management, a subsidiary of China Jianyin Investment, has said.
China's financially stricken Anbang Insurance Group has appointed Bank of America to run the sale of a portfolio of US luxury hotels which is formerly known as Strategic Hotels and Resorts as the insurance giants continues its efforts to reduce its overseas holdings.
Five government agencies are urging insurers, private equity investment funds, foreign-funded institutions and other financial institutions to invest in debt-to-equity plans, as the authorities renew their efforts to ease pressure on companies struggling with debt.