Ping An Insurance ties up with Greentown Real Estate

Sep. 14, 2009 (China Knowledge) - Ping An Insurance (Group) Co<601318><2318>, China's second-largest insurer, has signed an agreement with Greentown Real Estate Group to invest RMB 15 billion over the next three years in real estate projects developed by the Hangzhou-based property developer, sources reported.

Ping An Trust said that it will invest between RMB 3 billion and RMB 5 billion via trust products this year, and the first batch of the capital will be invested in projects in different areas to reduce risks.

The cooperation will help form a complete real estate investment management chain by leveraging the two companies' expertise.

Last month, Ping An inked a similar deal with Gemdale Corp<600383>, one of the largest property developers in China, to invest up to RMB 10 billion in three years.

Greentown Real Estate, one of the leading developers in China, has projects in more than 30 cities, including Shanghai, Beijing and Nanjing.