SHANGHAI: Shanghai Zhong Baoxin Investment Co Ltd which is involved in property development, will soon become a wholly-owned subsidiary of China Life Investment Holding Company Ltd, according to the National Business Daily.
This is followed by the move of China Life Insurance Company Ltd in acquiring a 16.9% stake in Shanghai Zhong Baoxin Investment through its subsidiary China Life Investment for RMB8.9 million (RM4.3 million).
Shanghai Zhong Baoxin Investment has put on sale its 16.9% stake in Shanghai Property Rights Exchange since Feb 22. The deal will be closed on March 22.Established in 1994, Shanghai Zhong Baoxin Investment has a registered capital of RMB118.2 million (RM57 million). It is a state-owned enterprise focusing on industry investment, real estate investment and property management.