China News

China’s Fosun International to Buy Stake in Portugual’s BCP for $185M

Fosun International Ltd. agreed to pay 174.6 million euros ($185 million) for a stake in Banco Comercial Portugues SA, Portugal’s biggest publicly traded lender by assets. A unit of Fosun will subscribe to about 157.4 million Banco Comercial shares at …

Fintech Firms Alibaba, Tencent Support China’s New Cyber Law Despite Foreign Opposition

China’s Alibaba Group Holding Ltd. and Tencent Holdings Ltd. rallied behind Beijing’s recently imposed cyber security law on Thursday, following criticism of it from overseas technology rivals. The country’s two tech giants also urged closer cooperation between the public and …

China’s Anbang Insurance Set to Buy Toronto Tower for at Least $395M: Source

China’s Anbang Insurance Group Co. is set to purchase an office and retail tower in downtown Toronto that counts the Government of Ontario as a major tenant, according to people familiar with the deal. Anbang is close to an agreement …

China May Allow Foreign Investors to Hold Controlling Stakes in Financial Firms

China may allow foreign investors to hold controlling stakes in mainland securities, fund management and insurance companies, the Chinese and British governments said, underlining Beijing’s commitment to opening up the mainland capital markets. Permitting foreigners to hold controlling stakes in …

China’s Cyber Security Law Could Hamper Foreign Business: P/C Industry Reps

China’s new wide-ranging cyber security law is drawing some serious apprehension from the U.S. property/casualty insurance industry. Trade associations and experts alike caution that it will create business obstacles in the world’s second-largest economy. “Most insurers already find China a …

China Passes Controversial Cyber Security Law Despite Foreign Business Concerns

China has green-lit a sweeping and controversial law that may grant Beijing unprecedented access to foreign companies’ technology and hamstring their operations in the world’s second-largest economy. The Cyber Security Law was passed by the Standing Committee of the National …

China’s Controversial Cyber Security Law Progresses Despite Foreign Protests

A controversial Chinese cyber security law that has sparked protests from foreign governments and business groups neared approval on Monday as parliament held the third reading of the draft bill. The official Xinhua news agency said parliament had fully taken on …

Swiss Re Covers China’s Economic Hub, Guangdong, for Nat Cats up to $350M

Swiss Re has entered into an agreement as sole reinsurer to protect seven prefectures of Guangdong province, China, in partnership with local insurers, led by the People’s Insurance Company of China (PICC) in 2016. The pilot program offers insurance cover …

China to Encourage More Investments in Portugal (Including Insurance)

China will encourage more of its companies to invest in Portugal in areas such as finance, insurance, health care and infrastructure, President Xi Jinping has told the visiting Portuguese Prime Minister Antonio Costa. Both countries need to deepen cooperation in investment …

Chinese Firms Enter Private Health Insurance Market for Growth Opportunities

Gaming firms, real-estate companies and drugmakers in China are chasing what they hope will be the country’s next hot commodity: private health insurance. At least 29 publicly traded Chinese companies have announced plans to invest in commercial insurance businesses since …