CFLD reaches cooperation deal with Ping An Insurance

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Ping An Insurance (Group) Company of China, Ltd. (Ping An Insurance) signed a strategic cooperation agreement with China Fortune Land Development Co., Ltd. (CFLD) on September 26 to strengthen cooperation in areas such as New Industry Cities, integrated financial services and coordinated development of emerging industries.

The cooperation aims to utilize resource sharing between the two parties, complement each other's advantages, create a new engine for business innovation and coordinated development, boost the high quality and sustainable development of Chinese cities, and help lift people's sense of happiness and improve their health.

The cooperation agreement, signed by President of Ping An Insurance Ren Huichuan and Chairman of CFLD Wang Wenxue,  builds on the resources and advantages of Ping An Insurance in finance, technology, ecology and investment, as well as the resources and advantages of CFLD industrial development of the New Industry Cities. In the future, the two parties will explore collaborating on long-lease apartments, health care services, automotive service clusters and smart cities.

Ping An Insurance will provide comprehensive financial services such as financing credit, insurance, wealth management, asset management, cash management and investment banking services for CFLD. It will also support the development and operation of the New Industry Cities of CFLD and promote the transformation and development of the county-level economy where these New Industry Cities are located. The two sides will also research and explore all-round cooperation in the areas of community personal financial services, medical health management, community e-commerce, third-party payment and smart applications, big data analysis and application.

From its first cooperation with Gu'an county in China's Hebei Province in 2002, CFLD's new industrial cities have been deployed to 15 core metropolitan areas, cultivating nearly 100 advanced industrial clusters. Its development matches the development path of Ping An Insurance's "five ecological circles", which are financial services, medical care, car services, real estate services, and smart cities.

On July 10 this year, a subsidiary of Ping An Insurance signed the Share Transfer Agreement with CFLD's controlling shareholder, China Fortune Land Holding Co Ltd, by which the former received a 19.7 percent stake in the latter. At present, corresponding shares have been transferred.

The comprehensive cooperation deal will make the CFLD an important strategic synergy enterprise of Ping An Insurance. The two sides will develop together by empowering each other to provide quality services to society.

Both parties expressed their intent to adhere to a down-to-earth working style, share resources, effectively promote the implementation of the project, explore new areas of cooperation, and continuously deepen strategic cooperation.

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