China's Ping An in infrastructure tie-up with France's Veolia Water - report |
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Tue, 14 Aug 2007 10:13
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BEIJING (XFN-ASIA) - France's Veolia Environnement's water division is due to sell part of its stake in Liuzhou Water Services to Ping An Trust & Investment Co Ltd, a unit of Ping An Insurance (Group) Co of China Ltd (SHA 601318; HK 2318), the 21st Century Business Herald reported.In June, the China Insurance Regulatory Commission said it had given approval for Ping An Trust's proposal to invest in the Liuzhou water supply project in southern China's Guangxi region. No further details have been given.According to a statement on Veolia Water's website, the company purchased a 49 pct stake in Liuzhou Water Services in September 2006, with Liuzhou city holding the remaining 51 pct interest.Liuzhou city will maintain a controlling shareholding in Liuzhou Water Services, the newspaper reported, citing a local government official.In July, Ping An said it completed investment in three expressways in the coal mining province of Shanxi, in central China. It was the first infrastructure investment by a Chinese insurance company.China started a trial program in March 2006 permitting life and non-life insurers to invest up to 5 pct and 2 pct of their total assets, respectively, in domestic infrastructure projects, including highway, power network and real estate ventures.Ping An has also won approval to invest in another expressway project in central Hubei province.allen.shu@xfn.com-xfnals/xfnjanmCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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