More than 40 Chinese insurance companies and asset managers have jointly launched China Insurance Investment and raised 40bn yuan ($6bn) for a first fund to finance energy and infrastructure projects overseas, Reuters reported China's insurance regulator as saying.
China Insurance Investment, headquartered in the Shanghai free trade zone, was created by 46 Chinese companies, comprising 27 insurance companies, 15 insurance asset management companies and four private companies. The shareholders each have a stake of less than 4%.
China Insurance Investment will use part of its first fund to finance Russia's $27bn Yamal liquefied natural gas (LNG) project, the China Insurance Regulatory Commission (CIRC) said in an online statement.
The CIRC said the new investment vehicle has 1.2bn yuan in registered capital and will acquire overseas assets, including stakes in data, cloud computing and clean energy companies.
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