HSBC Holdings PLC is investing £16.5m in a insurance joint venture in China

HSBC Holdings PLC has announced it will invest CNY250m (£16.5m) in its insurance joint venture in China, reported Dow Jones.

National Trust, a Chinese trust and investment company, is expected to invest the same amount in the 50-50 joint venture.

It is reported that the joint venture will be headquartered in Shanghai and could begin operations as early as the second half of next year.