Zhitong Finance App News, China Life Insurance (02628) announced that the company plans to sign a supplementary agreement with China Life Insurance Real Estate before December 31, 2024 to increase the company's pledged capital contribution to the partnership (China Life Insurance Sailing Phase 1 (Tianjin) Equity Investment Fund Partnership (limited partnership)) and extend the term of the partnership.

According to the supplementary agreement, the company will increase its pledged investment of RMB 4.9 billion to the partnership. After this capital increase, the total amount of capital pledged by all partners of the partnership increased from RMB 9.01 billion to RMB 13.901 billion, of which the company's pledged capital increased from RMB 9 billion to RMB 13.9 billion, while China Life Insurance Real Estate's pledged capital contribution remained unchanged at RMB 1 million.

According to the announcement, the partnership will focus on equity and supporting investments in real estate projects in China's first-tier and second-tier cities that meet the requirements of laws, regulations and regulatory policies. The core assets of real estate have the characteristics of low risk and resistance to inflation, which are highly compatible with the characteristics of long-term insurance funds and the pursuit of stable returns. Therefore, the company plans to invest in related assets by increasing capital to partnership enterprises.

Since the partnership invested in the Yidi Port Phase I project in April 2022, the partnership plans to invest in the Yidi Port Phase II project in order to achieve overall control and maximum value release of the project, make better use of the long-term advantages of insurance funds, and seize market opportunities to obtain high-quality core assets at favorable prices.