Insurer backsWanda buyout bid

BillionaireWang Jianlin clinched the endorsement of China’s biggest insurer on his plans to buy out all outstandingHong Kong-listed shares in his property unit for $4.4 billion, gaining a key ally with less than a month to go before the deal goes to a vote. China Life Insurance Co has provided a letter of intent in favor of the privatization plan, DalianWanda Commercial Properties Co said onMonday.