HONG KONG: Ageas has agreed to sell its Hong Kong insurance unit to a China-based asset manager JD Capital for HK$10.7 billion ($1.4 billion), the Belgian insurer said in a statement on Sunday, exiting a business it acquired eight years ago.

The deal underscores Chinese companies strong appetite to grow through acquisitions even in the middle of the country’s biggest stock market turmoil.

Beijing-based JD Capital is listed on the Chinese National Equities Exchange and Quotations and was established in 2007. It operates one of the largest private equity firms in China and has offices across North America and Asia.

It has invested in more than 200 companies of which about 60 are either listed or in the process of going public, according to the company website. \