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China Life wants controlling ownership of a bank, says chairman

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China Life Insurance wants to control a bank in order to achieve its goal to develop into a comprehensive financial group, says Yang Chao, board chairman of China Life.

China Life is the largest shareholder of the China Minsheng Bank and the Guangdong Development Bank, but it is not the controlling shareholder of the two medium-sized banks.

Yang says China Life will gradually strengthen its non-insurance core businesses, including assets management, banking, securities, and trusts, and in the meantime will keep developing its insurance business, according to the report from Xinhua News Agency.

China Life will choose banks that could help its insurance business and prove a profitable investment, says Yang.

It was recently rumoured that China Life may be forced to transfer its property subsidiary due to the regulator’s rules on insurers’ real-estate investment.

Yang has rebutted the rumors, saying that China Life Property is a project-oriented company, and is not against the regulations that insurance companies are prohibited from investing in and controling property companies.

Yang says China Life will invest in the property projects for old people in the future.

In regard to China Life’s investment in Sino-Ocean Land, Yang says China Life only holds about 20 per cent of the stake in the property company and does not control it, despite the fact that China Life is the largest shareholder in Sino-Ocean Land.

China Life’s investment in Sino-Ocean Land brought the insurer an investment yield of seven per cent.

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