SHIN KONG LOOKING FOR CHINESE PARTNER

Taiwan-based financial services group Shin Kong Financial Holding is looking to set up a life assurance joint venture in China because the domestic market is now saturated, according to company president Frank Chengin an interview with Dow Jones . Shin Kong Life is Taiwan’s third-largest assurer measured by premium income. The assurer plans to establish a life assurer in China with initial capital of 800m yuan, according to Mr Cheng. Late in 2004 Shin Kong said that it was in discussions with potential partners, but Mr Cheng said that those negotiations failed to bear fruit. “In China, where investment opportunities abound and people are expecting a quick profit, it is increasingly difficult to find a partner willing to commit to an investment that may have to post several years of losses before breaking even”, Mr Cheng said.