September 3, 2012

Great Eastern sells 25% of its GELC equity interest


GE has struggled to get enough traction in China and is now divesting half of their 50% stake in Great Eastern Life Assurance (China) Company. The insurer has entered into a conditional sale and purchase agreement with Chongqing City Construction Investment for RMB303m.

Great Eastern Life Assurance (China) Company, Ltd is a 50-50 joint venture between Great Eastern and Chongqing Land Properties Group in China set up in May 2006.

Upon sale completion, GELC will be renamed Zhong Xin Ancheng Life Insurance Co. Ltd.

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