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(chinadaily.com.cn)
Updated: 2007-07-19 15:02

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Jiangsu Sainty Co Ltd, Jiangsu Holly Co Ltd and Jiangsu Skyrun Corporation confirmed their plan to establish what will be named Jinshi Property Insurance Corporation.

According to an announcement by Jiangsu Sainty, 12 corporations will jointly establish Jinshi Property Insurance Corporation with 1.7 billion yuan (US$224.8 million) in Nanjing Jiangsu Province.

Jiangsu Guoxin Investment Group Ltd, the biggest shareholder, will invest 340 million yuan into the new firm and account for 20 percent of its stake.

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The full text is available in the July Issue ofChina Insurance.