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Hong Kong: FTLife Acquired by New World Development
Hong Kong-based property and infrastructure group New World Development (NWD) in January 2019 acquired FTLife Insurance, Hong Kong, from JD Group. NWD, through its subsidiary NWS Holdings, paid HK$21.5 billion (US$2.75 billion) for FTLife. The deal is one of the top five insurance M&As ever in Hong Kong. Beijing-based Chinese financial firm JD Group in November 2018 had put FTLife up for sale. It was reported to be looking for