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China Oceanwide Donates $1.4 Million to Virus Fight

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The Chinese company that’s trying to acquire Genworth Financial Inc. has joined the fight against the new coronavirus.

(Related: Genworth’s would-be buyer helped build modern China)

The board of China Oceanwide Holdings Group Co. Ltd. announced Tuesday that the company will be giving 10 million yuan, or the equivalent of $1.4 million, to the Wuhan Charity Federation, to help the city prevent and control coronavirus-related pneumonia.

The Beijing-based company and its subsidiaries have also set up coronavirus prevention efforts to keep the company’s own employees healthy.

The severity of the coronavirus epidemic in Wuhan began to capture the world’s attention in mid-January.

Public health officials had reported a total of 6,072 lab-confirmed cases throughout the world, as of late Tuesday, and a total of 132 deaths, according to the European Centre for Disease Prevention and Control.

Officials believe the actual number of cases may be higher, because health care teams have had trouble coming up with the time and test kits to test all of the many patients with coronavirus symptoms.

China Oceanwide a real estate developer and financial services company with headquarters in Beijing. It has been trying to acquire Genworth — one of the companies that created the modern U.S. long-term care insurance market — since 2016.

The company has established an employee epidemic monitoring and hygiene system, is encouraging employees not to believe or spread rumors about the new coronavirus, and is taking responsibility for its share of society’s effort to fight the new coronavirus, according to a translation of the China Oceanwide donation announcement created by Google Translate.

“We are united in spirit and watch and help each other,” China Oceanwide says in the announcement. “China Oceanwide Holdings Group pays tribute to all the angels in white in the front line of fighting against the epidemic, and salutes all the staff who are fighting in the front line of epidemic prevention.”

Correction: An earlier version of this article described how long China Oceanwide has been working on acquiring Genworth. China Oceanwide and Genworth announced the acquisition agreement in 2016.

— Read The New Coronavirus, for Agents, on ThinkAdvisor.

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