China Life Insurance Co., Ltd. (“China Life”) announced that it plans to conclude a supplemental agreement with Guoshu Real Estate before December 31, 2024 to increase the amount of authorized payments to the partner enterprises and extend the operating period of the partnership. The partnership was established on 20 November 2020 for the two parties to focus on equity and ancillary investments in China's first-line and strong-second-line urban real estate projects. Following this capital increase, the total authorized disbursement of the partnership will increase from RMB9,001,000,000 to RMB13,901,000,000, and the outlay of China Life will increase from RMB9,000,000,000 to RMB13,900,000,000. The capital outflow of National Life Investments remained unchanged. The capital increase is a connected transaction but is not subject to the approval of...Show More

China Life Insurance Co., Ltd. (“China Life”) announced that it plans to conclude a supplemental agreement with Guoshu Real Estate before December 31, 2024 to increase the amount of authorized payments to the partner enterprises and extend the operating period of the partnership. The partnership was established on 20 November 2020 for the two parties to focus on equity and ancillary investments in China's first-line and strong-second-line urban real estate projects. Following this capital increase, the total authorized disbursement of the partnership will increase from RMB9,001,000,000 to RMB13,901,000,000, and the outlay of China Life will increase from RMB9,000,000,000 to RMB13,900,000,000. The capital outflow of National Life Investments remained unchanged. The capital increase is a connected transaction but is not subject to the approval of independent shareholders under Chapter 14A of the Listing Rules, as the capital increase is less than 5%. The partnership will invest in the Yitei Port Phase II project of Beijing Xingtai Tongang Real Estate Co., Ltd. (Project Company), which is located in the Dawangjing Business District of Beijing. China Life is the major shareholder of Ocean Group, holding 29.59% of its shareholding, but Ocean Group is not an affiliate of China Life. THE FUNDS FROM THIS INCREASE WILL BE USED FOR ACQUISITIONS AND OTHER PROJECTS IN THE DIRECTION OF INVESTMENT UNDER THE PARTNERSHIP AGREEMENT. China Life is a leading life insurance company in China, offering a wide range of insurance and financial services. Its controlling shareholder is China Life Insurance (Group).