Manulife's withdrawal from China insurance JV worries authorities - report |
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Published
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Mon, 28 May 2007 01:05
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BEIJING (XFN-ASIA) - The China Insurance Regulatory Commission (CIRC) is deeply worried about Canadian insurance and wealth management firm Manulife Financial's plan to pull out of one of its two ventures in China, the South China Morning Post reported, citing an industry source.The report said the CIRC is worried as this would be the first time the regulator will handle a stake sale of a Sino-foreign insurance joint venture.'The procedures and regulations applied to this case may well become a precedent of how Sino-foreign joint ventures will have their stakes change hands in future. The CIRC is very careful in making a decision because it wants to make sure the negotiations and the sale will be smooth and orderly,' the Hong Kong newspaper cited the source as saying.Manulife is in talks with several non-Chinese insurers to sell its 50 pct stake in John Hancock Tianan Life Insurance because it wants to focus on its first venture with Sinochem International, the report said.andrew.pasek@xinhuafinance.com
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