Insurer to invest in Shenzhen's public housing construction until 2035

Business | 5 Jun 2020 6:59 pm

Ping An Insurance (2318) has signed a strategic cooperation agreement with the Shenzhen government to participate in the city's public housing construction.

The insurer will invest in Shenzhen's public housing construction until 2035, which will mainly be long-term leases, and priority will be assigned according to the government's rental needs, said the company.

Shenzhen is approaching a target of adding 400,000 units during the "13th Five-Year Plan" this year, and plans to construct not less than 1 million public housing units by 2035.

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