Insurance companies to invest 40 billion yuan in Beijing-Shanghai railway

Insurance companies have been granted permission to invest in the basic construction projects of the Beijing-Shanghai railway to the amount of 40 billion yuan, according to Zhou Yanli, the Vice President of China Insurance Regulatory Commission.

China Insurance Regulatory Commission revealed two months ago that the insurance industry had expressed an intention of investing in the Beijing-Shanghai railway to some government departments. Initially they wanted to invest 80 billion yuan. However, they only received permission to invest half that amount of insurance capital. Even now, this 40 billion yuan accounts for over 30 percent of total investment in the Beijing-Shanghai high-speed railway.

Total investment in the Beijing-Shanghai high-speed railway will be more than 130 billion yuan, which is another super project like the Three Gorge Project.

The investors include China Life Insurance (Group) Company (2628. HK), Ping An Insurance (Group) Company of China, Ltd. (2318. HK) and PICC Property and Casualty Company Limited (2328. HK).

By People's Daily Online