CHINA INSURANCE SELLS NON-CORE ASSETS

China Insurance International said that it would be selling non-core businesses in order to boost the company’s return on equity. Wholly owned subsidiary China International Re has signed an agreement to sell its 20% stake in Dragon Jade Industrial District Development Co (Shenzhen) to China Insurance HK, a 54.35% owner of China Insurance International, for HK$2.12m. China Insurance International said that it would be extending its efforts to dispose of non-core assets under recently appointed chairman Feng Xiaozeng, subsequent to the company’s loss of HK$43.77m in the first six months of 2005, down from a profit of HK$104m for the first half of 2004.