PICC FINALLY ENTERS TRUST SECTOR

Beijing insurer PICC has finally entered the Chinese trust sector by buying the former China Huawen Investment Holding stake in Zhongtai Trust and Investment Company. The deal was completed through PICC Investment Holdings, an arm of the insurance group. Last year PICC had been looking at acquiring the 1.6% stake in Zhongtai Trust that had been held by Xiamen Huatong International Development, but those shares were bought by China Huawen for Yuan27.2m. As a result China Huawen's stake in Zhongtai Trust grew to 31.6%.