China Taiping Shares Plummet Amid Hong Kong Fire Crisis

China Taiping Insurance Holdings saw an 8% drop in shares due to concerns over potential liability from a deadly fire in a Hong Kong apartment complex. The insurance policy for the complex is active until 2026. The facility hosts over 4,600 residents amidst Hong Kong's housing shortage.

Shares of China Taiping Insurance Holdings experienced a significant drop of up to 8% following worries about potential liabilities arising from a fatal fire in a Hong Kong apartment complex. The incident has claimed at least 44 lives, leaving nearly 300 individuals missing.

Official documentation reveals that Wang Fuk Court, the complex in question, will continue its insurance coverage with China Taiping Insurance (Hong Kong) Ltd until December 2026. Despite requests, both China Taiping Insurance Holdings and its Hong Kong subsidiary are yet to comment.

The high-density complex, located in Hong Kong's northern Tai Po district, accommodates more than 4,600 people across 2,000 apartments spread over eight blocks. The decrease in China Taiping shares contrasts with a 0.3% gain in the Hang Seng Index.

(With inputs from agencies.)