China's insurance companies cut shareholding in property developers, banks

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Chinese property developer Gemdale Group said in a stock exchange filing on December 8 that Dajia Insurance Group had cut its shareholdings in Gemdale by 226 million shares, or 5% of its total share capital since November 13 and Dajia's stake in the developer dropped to 10.43% after the transactions.

The average price for the transactions were 10.85 yuan per share and the insurers cashed in a total of about 2 . . .

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