[Caihua News] PCCW Real Estate (00432.HK) announced that on December 31, 2021, PCPD Services (a wholly owned subsidiary of the company) and Fuwei Life Insurance signed an agreement on Fuwei Insurance Services and products, in which Fuwei Life agreed to provide or procure other members of Fuwei Group to provide insurance and related services and products to the Group.
Among them, the annual caps from 2022 to 2024 are 8 million Hong Kong dollars, 9.2 million Hong Kong dollars and 10.8 million Hong Kong dollars.
The insurance services and products to be provided by Fuwei Group will be provided to the Group on general commercial terms and will be used in the general and day-to-day business of the Group. In view of the quality and competitiveness of the insurance services and products provided by Fuwei Group, it is beneficial for Fuwei to enter into an agreement on Fuwei Insurance Services and products.
Fuwei Group is the main insurance business of Pacific Century Development Group. The majority equity interest and control of the Fuwei Group is indirectly held by Mr. Richard Li, who is also a director of certain member companies of the Fuwei Group. Mr. Li is an executive director of the company and owns approximately 29.90% of the total issued shares of the company through the holding entities at the date of the announcement.