Ping An and CFLD cooperate to develop emerging industries

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

The two sides will promote resource sharing and complement each other's advantages, create a new ground for business innovation and coordinated development, boost high quality and sustainable development of China's cities, and help people to live happily and healthily.

Ren Huichuan, general manager of Ping An, and Wang Wenxue, chairman of CFLD, attended the ceremony and signed the agreement.

In future, the two sides will focus and cooperate in depth on potential development directions such as long-term rental apartments, health care services, automotive service industrial clusters and smart cities.

Ping An will provide comprehensive financial services such as financing credit, insurance, wealth management, asset management, cash management and investment banking services for CFLD, support the development of CFLD's New Industry Cities, and jointly promote the transformation and development of the county economies where the New Industry Cities are located.

The two sides will also research and explore cooperation in personal financial services, medical health management, community e-commerce, smart third-party payment systems, and big data analysis and applications.

CFLD has developed its New Industry Cities into 15 core metropolitan areas, and cultivated nearly 100 advanced industrial clusters, a development direction matching Ping An's.

On July 10, a subsidiary of Ping An and CFLD's controlling shareholder signed a Share Transfer Agreement. Ping An received a 19.7 percent share of CFLD. With that step CFLD has become an important strategic cooperative enterprise of Ping An.

The two sides will develop together to provide quality services for society. They will also promote project implementation and explore and deepen strategic cooperation.