PICC Property set year-end deadline for non-core sell-offs
Beijing has set a year-end deadline for the People's Insurance Property Co of China (PICC Property) to sever links with its non-core domestic business affiliates, officials confirmed yesterday.
This came as the People's Insurance Co of China (PICC) - the mainland's insurance monolith - is to hive off its main branch of businesses as separate entities in a sector-wide restructuring, to align with international practices.
Officials said PICC Property would receive compensation for the spin-off of non-core commercial operations, but gave no details.
'The subsidiaries and affiliates to be spun off will either operate on their own, be taken over or disposed of,' an official said.
He said they had completed the evaluation process for all of its subsidiaries and affiliates, but would not reveal the asset size and the number of companies involved.
PICC Property has more than 3,000 domestic outfits, he said.
