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China debt crunch

Evergrande's life insurance arm taken over by new state-owned vehicle

Former poster child for China's inland development shifting to coastal city

China's financial regulator approved the newly established state-owned vehicle to acquire China Evergrande Group's insurance arm, which was originally a model Sino-Singaporean joint venture for the "Great Western Development" strategy.   © Reuters

HONG KONG -- A Chinese financial regulator has approved the takeover of embattled property developer China Evergrande Group's insurance business by a new state-owned vehicle.

China's National Administration of Financial Regulation announced on Friday evening that it has agreed to the transfer of the entire business and related assets and liabilities of Evergrande Life Insurance to Haigang Life Insurance, a new entity set up with capital from five state entities.

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