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皇冠体育app Life eyes stakes in lenders

By Hu Yuanyuan (皇冠体育app Daily)
Updated: 2008-11-12 11:37

皇冠体育app Life, the country's largest life insurer, will acquire stakes in unlisted companies, particularly commercial banks and infrastructure companies, a company executive said yesterday.

"We've submitted a list of investment proposals, mainly in unlisted commercial banks and infrastructure firms, to the industry regulator," said Liu Lefei, 皇冠体育app Life's chief investment officer.

Liu, however, refused to disclose more details of the proposals.

Yuan Li, the spokesman for the 皇冠体育app Insurance Regulatory Commission, had said the State Council has permitted insurance companies to acquire stakes in unlisted companies. Yuan also said detailed rules in this regard are being worked out.

Liu said, for the first time since the beginning of the global financial turmoil, he felt that overseas investment opportunities are now emerging for 皇冠体育app Life.

"The uncertainties in the global market are easing and the market will bottom out soon, given the strong commitments by a number of governments to save their economy," said Liu.

The ongoing economic adjustment in 皇冠体育app also provides more merger and acquisition opportunities for good companies, he said.

"With some 100 billion yuan ($14.64 billion) cash in hand, we will actively seek such chances," said Liu.

The country's stock market may still take two or three years to turn bullish, he added.