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Insurer Ping An to acquire stakes in six Raffles City properties from Singapore's CapitaLand in deal worth up to US$5.1 billion


Insurer Ping An to acquire stakes in six Raffles City properties from Singapore’s CapitaLand in deal worth up to US$5.1 billion
Pearl Liu pearl.liu@scmp.com
Raffles City Hangzhou is among the developments in which Ping An plans to acquire a stake. Photo: Handout
Ping An Insurance (Group), China s largest insurer by market capitalisation, plans to acquire stakes in six Raffles City retail and office developments in China from Singapore s CapitaLand for up to 33 billion yuan (US$5.1 billion).
Ping An Life Insurance Company of China, a unit of Ping An, said it will acquire the stakes in Raffles City Shanghai, Raffles City Beijing, Raffles City Ningbo, Raffles City Chengdu, Raffles City Changning (Shanghai) and Raffles City Hangzhou, according to a filing with Insurance Association of China late on Monday. It will buy 60 per cent to 70 per cent stakes in the six companies owning the six properties, which are worth a total of 46.7 billion yuan. ....

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Mercer picks new wealth business leader for China


Mercer picks new wealth business leader for China
Mercer picks new wealth business leader for China
Print
Fred Wen joined Mercer in Shanghai on Thursday as the investment and consulting firm s wealth business leader, China.
He replaced
Leo Shen, a spokeswoman for Mercer said. Mr. Shen joined Allianz Global Investors in Hong Kong as head of fund management business China at the start of 2021.
Mr. Wen focuses on expanding Mercer s investment capabilities in the fast-growing Chinese market, reporting to
Catherine Li, CEO, Greater China, according to a news release.
Mr. Wen s experience will allow Mercer to assist more Chinese financial institutions in areas such as retirement and pension planning, as well as ESG, Ms. Li said in the release. ....

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