Date
19 September 2017

Insurers, funds cash in on online shopping spree, paper says

Monday’s online shopping spree extended beyond the more traditional merchandise to include financial products, Shanghai Daily reported Tuesday. Insurance and fund management companies sold 908 million yuan (US$146 million) of wealth management products on Tmall, operator Alibaba Group said. A Shanghai-based insurance firm notched up sales of more than 100 million yuan in just 10 minutes with one product offering an annual expected return of 7 percent, compared with the one-year fixed deposit rate of 3 percent, the report said. making such products more lucrative than traditional deposits.

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CG/SK

 

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