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Ping An Insurance to provide RMB200 bln financial support for Wuhan in 5 yrs

June 29, 2020


Abstract : Ping An Insurance Group will provide 200 billion yuan worth of intentional financial support for central China's Wuhan in the next five years, according to a strategic cooperation framework agreement signed between Ping An and Wuhan municipal people's government, the Xinhua-run cnstock.com reported on Sunday.

BEIJING, June 29 (Xinhua) -- Ping An Insurance Group will provide 200 billion yuan worth of intentional financial support for central China's Wuhan in the following five years, according to a strategic cooperation framework agreement signed between Ping An and Wuhan municipal people's government, the Xinhua-run cnstock.com reported on Sunday.

The move is aimed at fully supporting Wuhan's economic recovery after the COVID-19 pandemic. 

Ping An will provide financial support for Wuhan in areas including infrastructure construction, major project investment and financing, health care, comprehensive urban development, smart cities and livelihood projects. 

In specific, Ping An will assist Wuhan in the construction of rail transit projects, carry out cooperation on publicly traded infrastructure real estate investment trusts (REITs) to promote high-quality development of Wuhan, participate in the investment and financing of major projects in Wuhan and the cooperation of urban development funds, build medical industry bailout funds, and support hospital financing.

According to statistics provided by Ping An Bank, its Wuhan branch had offered a total of 16.096 billion yuan to support the anti-epidemic related enterprises and the development of small and micro-sized enterprises by the end of May. It deferred principal and interest payments for 3384 small and micro-sized enterprises, involving 3.208 billion yuan worth of loans. (Edited by Zhang Yuan with Xinhua Silk Road, zhangyuan11@xinhua.org)

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Keyword: Wuhan Ping An Insurance Group

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