Xiao Jianhua, a Chinese-born Canadian financier and a student leader at the time of 1989 pro-democracy protests, has been missing since early 207 when he was taken from his room at the Four Seasons in Hong Kong. At the time there were fears he may have been abducted by Chinese agents. His disappearance and that of several booksellers provoked outrage that Beijing was flouting Hong Kong's constitution.
Among the companies being taken over include Huaxia Life, Tianan Life Insurance, Tianan Property Insurance, New Times Trust, Yi'An Property Insurance, and New China Trust. All nine are linked to Tomorrow Group, the investment conglomerate owned by Xiao. The firms are among more than 40 financial institutions identified by New Fortune Magazine in a 2017 article as being part of Xiao's network.
Tomorrow Group invested primarily in financial services and used shell companies to control many of its assets. Before his disappearance, the Hurun Report of China's richest people said Xiao, was part of a fortune estimated at almost $US6 billion ($8.6 billion).
Chinese authorities are stepping up their bid to maintain financial stability as COVID-19 proves ruinous for economic growth and soured loans pile up. Beijing seized control of Baoshang Bank —another company linked to Xiao — in May last year citing its "serious" credit risks.
Last month, regulators were said to be mulling increased oversight of Huaxia Life, including sending a group of executives from state-owned China Life Insurance Group to assist. Insurers' earnings have been under pressure, and the coronavirus pandemic has only exacerbated that.
Among the companies being taken over include Huaxia Life, Tianan Life Insurance, Tianan Property Insurance, New Times Trust, Yi'An Property Insurance, and New China Trust. All nine are linked to Tomorrow Group, the investment conglomerate owned by Xiao. The firms are among more than 40 financial institutions identified by New Fortune Magazine in a 2017 article as being part of Xiao's network.
Tomorrow Group invested primarily in financial services and used shell companies to control many of its assets. Before his disappearance, the Hurun Report of China's richest people said Xiao, was part of a fortune estimated at almost $US6 billion ($8.6 billion).
Chinese authorities are stepping up their bid to maintain financial stability as COVID-19 proves ruinous for economic growth and soured loans pile up. Beijing seized control of Baoshang Bank —another company linked to Xiao — in May last year citing its "serious" credit risks.
Last month, regulators were said to be mulling increased oversight of Huaxia Life, including sending a group of executives from state-owned China Life Insurance Group to assist. Insurers' earnings have been under pressure, and the coronavirus pandemic has only exacerbated that.
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