China’s fourth-richest man has been banned from the country’s insurance industry for 10 years, in the most aggressive move yet by regulators to tame borrowing and hostile corporate takeovers by insurers.
Yao Zhenhua, chairman of financial conglomerate Baoneng Group, last year launched a high-profile raid on China Vanke, the country’s largest residential developer. He acquired a stake worth 25 per cent, prompting Vanke’s chairman to label Baoneng “barbarians”.
Much of the funding for Baoneng’s Vanke stake and other investments came from policies sold by its life insurance unit, Foresea Life Insurance, which Mr Yao also chairs.
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