Source:
https://scmp.com/business/banking-finance/article/3016541/chinas-government-sets-dajia-insurance-take-over-anbangsBanking & Finance
China’s government sets up Dajia Insurance to take over Anbang’s assets as the disposal of former asset buyer nears
- Dajia Insurance, established this week in Beijing, has an identical structure and shareholders as Anbang, albeit with smaller capitalisation
- The finance ministry’s China Insurance Security Fund owns 98.2 per cent of Dajia, as it does Anbang
The exterior of Anbang Insurance Group in Beijing on 19 March 2016. Photo: EPA
China’s government has established a new insurer to take over the operations of Anbang Group, more than 16 months after one of the country’s biggest asset buyers was put under state ward and its chairman was jailed for fraud.
Dajia Insurance Group was registered on June 25 in Beijing with 20.4 billion yuan (US$3 billion) of capital put up by identical shareholders as Anbang, according to documents published by the business registrar.