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Central Huijin to buy 38% stake in New China Life

By Bi Xiaoning (chinadaily.com.cn)
Updated: 2009-03-30 11:21

Central Huijin Investment Co, an arm of China's sovereign wealth fund, plans to buy a 38 percent stake in New China Life Insurance Co from the insurance protection fund, Caijing Magazine reported Monday, citing unidentified people.

China's State Council, or the Cabinet, has approved the acquisition and the price of the deal will be determined after its financial results for 2008 are released, the report said.

In May 2007, the insurance protection fund bought 460 million shares of New China Life, one of the country's largest life insurers, at 5.99 yuan per share.