Tag: ping an

The European real estate fund manager ties up with Ping An to invest in mid-market and upper-class housing in China. The Chinese insurance giant moves nearer to its goal of becoming an integrated financial services company, and gives private equity investor Newbridge Capital an exit route. China's developing healthcare system has the potential to boost a number of sectors including insurance, pharmaceuticals and medical equipment manufacturing. The collapse of the deal stalls the Chinese insurer’s plan to become a financial conglomerate, but the market welcomes the development. The Chinese insurance company pays $3.32 billion for the stake in Fortis's asset management subsidiary, gaining access to a business with $378 billion of assets under management. The Chinese insurer pays $2.65 billion to become the largest shareholder in Fortis in a deal which both parties are calling highly synergistic.