China Life holds shares, funds at market value of 300 bln yuan

BEIJING, Jul 07, 2008 (Xinhua via COMTEX) -- LFC | Quote | Chart | News | PowerRating -- China Life Insurance Co., Ltd. ( 601628.SH; 2628.HK; LFC.NYSE) currently holds shares and fund units with total market value of nearly 300 billion yuan, said Liu Lefei, chief investment officer of the insurer in Chongqing over the weekend.

Despite bearishness of the domestic stock market at present, China Life believes there are a lot of valuable companies worth investing in, said Liu, quoted by China Business News. China Life keeps over 500 billion yuan of long-term investment in Chinese capital market, he added.

An earlier media report said that China Life Group had cut its share holdings in CITIC Securities by 353 million shares to 4.97 percent.

Liu also unveiled that China Life recently became a strategic investor of a leading manufacturing company in China by investing 1.3 billion yuan.

Aside from equity investment, China Life will further increase investment in infrastructure construction as soon as the policy is relaxed, Liu said. Such investment covers roads and bridges construction and operation.

China Life A-share closed at 23.05 yuan Monday, up 5.69 percent, amid market rebound of 4.59 percent.

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