Insurance Post

Great Eastern CEO hails stake sale as "significant step" in China expansion

China map

Great Eastern Holdings has entered into a conditional sale and purchase agreement with Chongqing City Construction Investment to sell 25% of its equity interest in Great Eastern Life Assurance (China) Company for RMB303m (£32m).

GELC is a 50-50 joint venture between Great Eastern and Chongqing Land Properties Group in China set up in May 2006. The company is headquartered in Chongqing, with branches in Shaanxi and Sichuan.

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