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FINANCIAL SERVICES | Staff Reporter, Hong Kong

Hong Kong Life owners to revive sale: report

A sale could possibly fetch around $400m to $500m.

The owners of Hong Kong Life Insurance are reviving a sale of the business after a deal was scrapped more than two years ago, reports Bloomberg, with a sale possibly fetching around $400m to $500m.

Intense competition in Hong Kong’s insurance market, economic instability and the pandemic have weighed on the valuation of the company, sources said.

Citigroup is helping to find a buyer for the business, which has drawn preliminary interest from other insurers, they added.

A previous agreement to sell the operations to investment fund First Origin International for $914m was terminated in 2018 because closing conditions had not been satisfied.

Here’s more from Bloomberg.

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