China Strategic in talks to buy Hong Kong Life

The insurer could be valued at between $400m and $500m.

Investment firm China Strategic is in talks to buy Hong Kong Life Insurance, reports Bloomberg.

The owners of Hong Kong Life had revived a sale of the business after a deal was scrapped more than two years ago. The insurer could be valued at between $400m and $500m, sources said.

This would mark at least the third attempt by the owners to exit the business, they added. A previous agreement to sell the operations to investment fund First Origin International for $914m was terminated in 2018.

China Strategic said on 24 March it was in negotiations with the vendors of an insurance business in Hong Kong for its potential acquisition, without identifying the target company.

China Strategic had previously been among bidders for Bank of East Asia’s life insurance unit, which AIA agreed to buy in late March.

Here’s more from Bloomberg.