Ping An Trust, AXA Real Estate to invest in China property

Jul. 29, 2009 (China Knowledge) - China Ping An Trust & Investment Co Ltd, a subsidiary of the country's second-largest insurer, Ping An Insurance (Group) Co<601318><2318>, has inked a memorandum of understanding with AXA Real Estate Investment Managers to jointly develop high-end residential projects in China, the Wall Street Journal reported on Monday.

AXA, the largest real estate fund manager in Europe and the fourth-largest in the world, said that the partnership could provide an opportunity to launch a dedicated Chinese real estate fund.
AXA currently manages EUR 40 billion worth of assets

Ma Mingzhe, chairman and CEO of Ping An Insurance, said in May that the insurer is making preparations for its long-awaited entry into investment in property. A revised insurance law, which will take effect on Oct. 1, will allow real estate investment by insurance firms.

In the first half of this year, the sales area of commercial property in China surged 31.7% year on year to 341.09 million square meters, with a turnover of RMB 1.58 trillion, up 53.0% from the same period of last year.