Zheshang Property Wins Nod to be Set Up

Wed. October 08, 2008; Posted: 06:53 AM

HANGZHOU, Oct 08, 2008 (SinoCast via COMTEX) -- YGRUF | Quote | Chart | News | PowerRating -- Zheshang Property Insurance Co., Ltd. gained approval from the China Insurance Regulatory Commission (CIRC), the top Chinese insurance regulator, to be established in Hangzhou, capital of east China's Zhejiang Province, on October 6, 2008.

With a total registered capital of CNY 1 billion, the company will be the first property insurer that was set up by local comprises. Its shareholders include Zhejiang Commercial Group Corp., Zhejiang Provincial Energy Group Co., Ltd., Youngor Group Co., Ltd., Chint Group Co., Ltd., Zhejiang Guoda Group Co., Ltd., ZheJiang Qinye Construction Group Co., Ltd., Zhejiang Mingcheng Real Estate Co., Ltd., Zhejiang Xuefeng Group Co., Ltd. and Ningbo Bangde Holding Group Co., Ltd.

Zhejiang Commercial Group and Zhejiang Provincial Energy Group will be the biggest shareholders of Zheshang Property Insurance via taking a 20 percent stake in the newborn, respectively. Zhang Zhongji, the former director of the Zhejiang Insurance Regulatory Commission, will serve as chairman in the company.

From www.cnstock.com, Page 1, Tuesday, October 07, 2008 info@SinoCast.Com

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