PING AN INVESTS IN EXPRESSWAYS

Chinese insurer Ping An has taken advantage on new rules permitting investment in infrastructure projects by announcing that it will buy stakes in three expressways to be built in the coal-mining province of Shanxi. Ping An's trust and investment arm will pool funds from insurers through the sale of a trust product to finance the acquisition of the Shanxi expressway stake, a company spokesman said.  Two of the three expressways link the provincial capital of Taiyuan with Changzhi, Changzhi and Jincheng. The third acquisition connects Jincheng with Jiaozuo in the neighbouring Henan province. The Chinese government has awarded Ping An a 10bn yuan investment quota of the 12bn yuan allocated under a pilot programme. The expressway stake will be among the first infrastructure investments. Non-life players are now permitted to invest up to 2% of their total assets in such ventures. China Life, PICC P/C and Taiking Life are sharing the remaining 2bn yuan quota.