China Oceanwide Holdings Group Co., Ltd. (715 HK) announced in October it plans to acquire 100% of the outstanding shares of Genworth Financial Inc. (GNW NYSE). The purchase will be made through its affiliated company, Asia- Pacific Universe Investment, for US$5.43 per share in cash, 4.2% more than the closing price of the date of announcement, for a total amount of US$2.7bn. In addition, China Oceanwide pledged to provide US$600mn to Genworth to pay down debt maturing in 2018, as well as US$525mn to strengthen its life insurance business. The deal is expected to be completed by the middle of 2017. The direct investment of insurance premiums into overseas financial markets not only lowers the cross-border transfer costs for property companies that want to expand overseas, but also allows them to avoid the pressure of short-term debt given the relatively longer life span of most insurance projects and a steady stream of funding provide.