Deals
Ping An Targets Japan in Bid to Diversify Outside of China
- Insurer plans to invest $100 million a year in Japanese firms
- Chinese company to invest in Tokyo real estate through Ascot
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Ping An Insurance (Group) Co. plans to invest $100 million a year in Japanese companies as it seeks to diversify its investments outside of China.
China’s second-largest insurer will put money with private equity funds that invest in sectors including food, consumer products and services, medical and healthcare, said Takeshi Nakabayashi, president of Ping An Japan Investment, a Tokyo-based unit. Separately, Ping An plans to invest 9 billion yen ($80.1 million) to bring its stake in Ascot Corp., a local residential developer, to 73 percent, as it seeks to use the company as a platform to invest in the city’s real estate market.