Taikang Life Insurance Corp. Ltd. on Thursday began construction of its retirement community in Shanghai’s Songjiang district, the first such investment by an insurer in the Yangtze River Delta region and the company’s second one after Beijing, Shanghai Securities News reported Friday. The 4.2 billion yuan (US$676.21 million) retirement haven will start welcoming residents from 2015. The company plans to invest up to 100 billion yuan to build 15-20 such communities nationwide over the next five to eight years, chairman and chief executive Chen Dongsheng was quoted as saying. Other insurers, such as Union Life Insurance Co. Ltd. and China Taiping Insurance Holdings Co. Ltd. (00966.HK), are also eyeing the market, which is estimated to be about 4 trillion yuan, the report said.
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