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Last updated at: (Beijing Time) Tuesday, September 17, 2002

Chinese Insurance Giant Plans Skyscraper in Shanghai

China's second biggest insurance company announced Monday it will build a 150-meter high office building in the financial and trade center of Shanghai.


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China's second biggest insurance company announced Monday it will build a 150-meter high office building in the financial and trade center of Shanghai.

Ma Mingzhe, board chairman and chief executive officer of Ping'an Insurance Company, said the company would invest about two billion yuan (243 million US dollars) in the project.

The building, to be located in the Lujiazui Finance and Trade Zone in Pudong District, will cover 27,600 square meters with a floor space of 90,000 square meters.

The project was designed to enable Ping'an to become more competitive through giving full play to the geographic location and other advantages of the district, said Ma.

The company also plans Asia's biggest financial service platform in the district, which will include a telephone center and a computer center with 1,000 seats.

With its headquarters in Shenzhen, south China's Guangdong Province, the company's total assets jumped to 128.4 billion yuan (15.6 billion US dollars) by the end of last month from 53 million Yuan (6.4 million US dollars) 14 years ago, when it was set up.

The company is the country's first share-holding insurance company and the first national insurance company with overseas capital.

Its annual income rose to 46.5 billion yuan (5.7 billion US dollars) last year from 4.81 million yuan (580,000 US dollars) in 1988.

Shanghai, the biggest industrial and business center in China, is the country's most open insurance market.


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