Shanghai-based real estate firm has emerged as the new suitor for Dah Sing Financial Holdings Ltd.'s , the South China Morning Post reported April13.
Future Land Development is reportedly making a US$1 billionbid for Dah Sing Financial's insurance operations. Kenny Chan, vice president ofFuture Land Development, declined to comment on the report, but noted thatselling insurance products to Chinese clients would create synergy for thegroup.
Chan said an acquisition of an insurance asset would alsobenefit the group's overseas expansion given the strong cash flow in theinsurance sector.
Future Land Development is not the only Chinese propertydeveloper interested in acquiring Dah Sing Life Assurance. China's CountryGarden Holdings previously expressed interestin bidding for the assets. Country Garden's bid will be conducted throughChairman Yang Guoqiang's family office rather than through the listed entity,the publication reported.
The news came more than three months after Dah SingFinancial and Dah Sing BankingGroup Ltd. said in January that they will a possible sale of Dah Sing LifeAssurance and Dah Sing Bank Ltd.'slife insurance product offerings.