PICC could lose US$72m
15 July 2005
PICC Property and Casualty Co, China's biggest non-life insurer, revealed it may not recover the US$72m worth of government bonds it deposited with a mainland securities broker, becoming the latest victim of China's troubled securities industry. PICC did not name the securities firm with which it was working, but analysts speculated it could be the recently shut-down Hantang Securities. The Hantang Securities failure already cost the parent of China Southern Airlines US$130m.