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PICC expands to real estate investment

(chinadaily.com.cn)
Updated: 2009-11-16 15:02

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The People's Insurance Company (Group) of China Ltd (PICC), the biggest insurance conglomerate in China, has stretched out its reach to real estate investment, the Securities Times reported today citing Wu Yan, chairman of the insurer.

The company will focus on the domestic market and has no plans to launch mergers and acquisitions overseas so far, according to Wu. The company's principle is to raise profitability and reduce risk amid the fallout of the global financial crisis, reiterated Wu when asked how to avoid suffering losses from investment abroad.

Wu said the financial crisis should be partly attributed to over-innovation in finance; however ...

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