Anbang Insurance Group Co. Ltd. further consolidated its shareholding in property developer China Vanke Co. Ltd. under its life insurance subsidiary Anbang Life Insurance Co. Ltd., Vanke said in an Oct. 17 disclosure.
Three Anbang subsidiaries, Anbang Property & Casualty Insurance Co. Ltd.., Anbang Annuity Insurance Co. Ltd. and Anbang Asset Management Co. Ltd., on Oct. 16 transferred 2.34%, 0.24% and 0.55% stakes in Vanke, respectively, to Anbang Life at 21.01 yuan per share. After the stake transfers, Anbang P&C, Anbang Annuity and Anbang Asset Management no longer hold shares in Vanke, while Anbang Life currently has a 6.73% interest in the real estate giant.
The Oct. 16 transfers followed another transfer made June 29, when Anbang subsidiary Hexie Health Insurance Co. Ltd. passed its 1.01% stake in Vanke to Anbang Life.
As of Oct. 17, US$1 was equivalent to 6.93 Chinese yuan.