Ping An looks overseas to diversify risk
18 July 2008
Ping An Insurance, China's second-largest insurer, is considering diversifying its investments into overseas property and infrastructure, the South China Morning Post reported. Ping An President Louis Cheung said the company was hoping to reduce its concentration on mainland stock markets. "Our overseas investments are mainly the H-shares in Hong Kong ... But investing in infrastructure and property overseas may provide a chance for us to offset our deficiency in overseas bonds," he said. Ping An has met with some difficulties in its foreign investments. It has seen about US$1.46 billion in losses from a 4.2% stake in Fortis, the Belgo-Dutch financial group, it purchased last November.