Ping An Trust to invest 15 bln yuan in Greentown projects

SHANGHAI, Sept 10 - Ping An Insurance (Group) of China, the world's second-biggest life insurer by market value, said on Thursday its trust unit would invest 15 billion yuan ($2.2 billion) over the next three years in real estate projects developed by Greentown China Holdings Ltd.

The alliance comes one month after Ping An Trust signed a similar agreement with Chinese developer Gemdale, underscoring Ping An's ambition to expand real estate investment.

"One one hand, we are able to help Greentown to expand its financing platform," Ping An Trust Chief Executive Officer Tong Kai said in a statement.

"On the other hand, Greentown ... can help Ping An expand investment channels, accumulate experience in property development and enable Ping An to strengthen real estate investment business."

Chinese trust companies have raised nearly 17 billion yuan so far this year, 82.2 percent more than a year earlier, as a revival in the country's property market boosted investment demand.

Ping An Trust, which has more than 80 billion yuan of assets under management, plans to invest 3 to 5 billion yuan this year in Greentown's existing projects.

The government has said it plans to scrap rules that ban insurers from directly investing in real estate projects.