China probes insurance fund use in property sector to curb risk -report

China probes insurance fund use in property sector to curb risk -report


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Economy7 hours ago (Nov 24, 2021 09:30PM ET)

China probes insurance fund use in property sector to curb risk -report
© Reuters. FILE PHOTO: People walk in the Central Business District (CBD) on a hazy morning in Beijing, China, October 25, 2021. REUTERS/Thomas Peter

SHANGHAI (Reuters) – Chinese regulators have opened an investigation into the use of insurance funds in a bid to combat any illegal use and to curb risk in the industry, the state-backed Shanghai Securities News reported on Thursday.

It said an earlier routine inspection had found some insurance institutions had serious compliance issues.

Regulators will look into investment activities of insurers which was beyond the allowed investment scope, including those invested into commercial real estates projects, and into unlisted property developers, the report

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