| South Korea Modern Property Insurance (China) Co.Ltd. Will Settle in CBD |
| 2/13/2007 1:1:0 CBD Administration Committee |
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As the first subsidiary of a wholly foreign-funded insurance company settled in Beijing, South Korea Modern Property Insurance (China) Co., Ltd. has got approval from China Insurance Regulatory Commission and will begin business operation in Chaoyang District in late March this year.
With 200 million RMB of initial registered capital, the Modern Property Insurance (China) Co., Ltd. manages property insurances such as vehicle insurance, enterprise insurance, long-term insurance and unexpected injury insurance. The parent company of Modern Property Insurance (China) Co., Ltd is Hyun Dai Marine & Fire Insurance Co., Ltd.--the second largest property insurance company in South Korea. By March of 2006, the total assets of this company had exceeded 6,400 million dollars.
So far, up to 27 headquarters of financial institutions have settled in Beijing CBD and surrounding areas, including Avia-Cofco Life Insurance Co. Ltd., Generali China Insurance, Sunshine P&C Insurance Co. Ltd., CITICS, China Minsheng Life Insurance, China Property Insurance, DaimlerChrysler Auto Finance (China) Co. Ltd. etc. Beijing CBD¡¯s development of financial industry has entered into a new stage featuring collective development of headquarters of financial institutions from the former representative offices flocking in stage.
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