Beijing Capital Shares Fall After China Life Stake Reduction
Beijing Capital Development Co. fell for the first time in three days in Shanghai trading after China Life Insurance Co. and its parent company cut their combined stake in the company to 5.23 percent from 10.44 percent.
Beijing Capital, a Chinese property developer, fell 2.1 percent to 8.27 yuan as of 9:50 a.m. local time.
China Life and China Life Insurance (Group) Co. sold 77.85 million Beijing Capital shares from July 20 to Oct. 11 and may continue to sell their shares in the company in the next 12 months, according to a statement from a China Life unit to Shanghai’s stock exchange today.
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