(Yicai Global) Feb. 9 -- Chinese insurance companies have begun to actively participate in the country’s property market since the real estate policy environment improved, investing a total of CNY60.9 billion (USD9 billion) in seven projects this year to date.

By the same point last year, they had invested only CNY5.3 billion (USD784 million) in three deals.

Most of the new projects are in Shanghai and Beijing, with others in Hangzhou, Chengdu, and Ningbo, according to information disclosed by the Insurance Association of China.

Real estate is an important investment direction for insurers, which are always interested in properties that offer stable rental incomes, such as commercial office space, industrial parks, and logistics warehouses, according to investment managers at large insurance firms.

Ping An Life Insurance was the biggest spender in January. The Shenzhen-based frm announced it had made five investments of about CNY55.8 billion in commercial real estate projects in Shanghai, Beijing, Hangzhou, and other cities.

AIA Life Insurance invested in the 89th Street project on the North Bund in Shanghai and Taikang Life Insurance in a retirement community project in Beijing.

Editors: Tang Shihua, Futura Costaglione