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Chinese financial regulators took over nine financial institutions which "breached rules and conducted business violations", in an unusually move to tackle risks stemming from a fallen financial empire.
China’s banking and insurance regulator said on Friday that it would take over four insurers and two trust firms for one year starting from July 17.
The four insurers are Tianan Property Insurance Co of China, Huaxia Life Insurance Co, Tianan Life Insurance Co and Yi’an P&C Insurance Co. The two trust firms are New Times Trust Co and New China Trust Co . . .
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