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By Ding Qi (chinadaily.com.cn)
Updated: 2007-11-09 16:31

China Life Insurance Co Ltd (China Life) said late Thursday in an announcement to the Shanghai Stock Exchange that it will spend more than 500 million yuan (US$67.02 million) for property assets from its parent company, China Insurance (Group) Company, Caijing Magazine reported on Friday.

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The assets involved include properties, real estate projects under construction, and land use rights. According to China Life, all land in the deal are in good locations, and the purchase will benefit the long-term development of the company.

According to the complementary agreement of asset transfer signed in September 28, China Life will buy an additional 18 items with an evaluation price of 21.02 million yuan along with properties in the original deal earlier this year, bringing worth of the whole deal to 509.22 billion yuan.

Although it's not a formal declaration of China Life's involvement in the property market, the insurer's ambition in the field is widely recognized.

Liu Lefei, chief investment officer of China Life, said in May that China Life is considering commercial property investment, and has finished preparatory work on personnel, project, and other relevant procedures.

Last year, the State Council issued Opinions on the Reform and Development of the Insurance Industry, providing policy guidance for domestic insurer's move in the property market. Another insurance tycoon, China Ping An has also set foot in the real estate market via its trust subsidiary and has reaped notable gains.

According to overseas practices, insurers can invest in the property market via real estate investment trusts (REITs), mortgage-backed securities (MBS) and commercial mortgage-backed securities (CMBS). Its real estate subsidiaries can also hold commercial properties.

Liu said China Life is inclined to cooperate with professional property institutions in its investment, rather than entrust them with the whole plan as in the REITs mode. In addition, regulations and policies from China Insurance Regulatory Commission also need to be considered.

There are also reports from foreign media that China Life has inked a deal with AetosCapital, a US investment fund, to co-develop China's real estate market. However, the insurer has not yet confirmed the deal.