The Singapore-based Great Eastern Life Assurance Co. Ltd, one of the most influential insurers in southeast Asian market, announced that it would set up a joint venture in Chongqing Municipality, the first Sino-foreign insurance regional headquarters ever built in western China.

The Great Eastern Life Assurance Co. Ltd. and the Chongqing Land Properties Group have signed an agreement on establishment of the joint venture, on the approval of the China Insurance Regulatory Commission (CIRC), said the company source.

The new insurance company has registered capital of 300 million yuan (36.6 million US dollars), with both sides sharing 50 percent.

Chongqing Land Properties Group is a state-owned enterprise with total assets of nearly 2 billion yuan (about 250 million US dollars).

To date, Chongqing has six life insurance companies and 11 property insurance companies. Headquarters of all the 17 companies are located in prosperous eastern and central China.

Source: Xinhua