Ping An Insurance (Group) Co. of China Ltd. plans to sell U.S. dollar-denominated bonds and borrow from offshore banks as it seeks to overcome funding issues amid government efforts to stem capital outflows, Reuters reported Dec. 10.
Ping An Insurance CFO Jason Yao said the company is planning to raise capital overseas after running into difficulties converting yuan into foreign currencies. Yao said the government's move to tighten capital outflows has impacted the company's short-term funding.
Yao said the company is partnering with foreign private equity firms and property funds for outbound deals. It will also increase its overseas investment to 10% in the next three to five years, the CFO said.