Ping An Insurance sees Hong Kong as pivotal base for expansion in Greater Bay Area, co-CEO says
- China’s biggest insurer agreed in April to pay HK$11.27 billion for a portion of office space in Sun Hung Kai Properties’s West Kowloon project
- A virtual bank and an online wealth management platform are new additions to its Hong Kong ventures this year
The new base will be located in Kowloon, where the insurer agreed to pay HK$11.27 billion (US$ million) in April for 30 per cent of the office space atop the West Kowloon high-speed railway station from Sun Hung Kai Properties (SHKP) and the controlling billionaire Kwok family.
“The investment shows our long-term commitment to Hong Kong,” Tan said in an interview. “Despite what has happened in the past year, we still believe in the future of Hong Kong as an international financial centre and its important role in the Greater Bay Area.”
Ping An intends to house the business of its Hong Kong subsidiaries and lease out extra space to other third parties for long-term investment income, Tan said in a phone interview with the South China Morning Post earlier this week.
