China intensifies crackdown on insurers' investments
The China Insurance Regulatory Commission (CIRC) has suspended the insurance unit of property developer Evergrande Group from stock trading for a year. This follows the banning from the industry for 10 years and enforced resignation of Yao Zhenhua, chairman of Foresea Life and China's fourth richest man. CIRC said Yao "fabricated and provided fake data” and “used insurance funds against regulations”. The punishments mark the latest in a series of escalating regulatory crackdowns against risky investment in listed companies by insurers.
CIRC has been cracking down on risky investments by some insurers in listed companies. Photo: Xiaomei Chen