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3 airline groups set foot in insurance

www.chinanews.cn 2005-03-07 13:42:20

Following China Southern Airline's 200 million yuan investment in
Sunshine Property Insurance Co., Ltd and China National Aero-Technology
Import & Export Corporation's (CATIC) 100 million yuan investment in
Samsung Life Insurance Co., Ltd of CATIC, China Eastern Air Holding Co.
revealed that in addition to spending 400 million yuan to establish a JV
life insurance company with Cathay Life Insurance, it will also purchase
a securities company in Hong Kong. According to experts within the
industry, the main reason that these airline groups set foot in insurance
is to reduce their expense on interest and thereby expand profit-making
abilities.

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