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Caixin

How a China state insurance boss slept with a cache of gold bars

Scandal-plagued Wang Bin reeled in China's financial elite to create vast riches

Wang Bin allegedly reaped enormous illegal gains, including a cache of gold bars found at his home.   © Reuters

In the heart of Causeway Bay, the busy commercial hub in downtown Hong Kong, the 26-story China Taiping Tower was named for China Taiping Insurance Group in 2010 when it served as the state-owned insurer's global headquarters.

Specializing in overseas business, Taiping is the only financial company under the central government's direct watch to set up headquarters outside the mainland. With a business that originated in Shanghai in 1929, the company went through multiple rounds of business restructuring and became a vice-ministerial-level central financial enterprise in 2012.

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