BRIEF-Tianma Bearing Group swings to red in 2016, scraps JV plan

April 28 (Reuters) - Tianma Bearing Group Co Ltd

* Says it scraps plan to jointly set up property insurance

JV as it failed to meet requirements due to net loss in 2016

* Says it swings to net loss of 252.2 million yuan ($36.57

million) in 2016 versus net profit of 47.2 million yuan year ago

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($1 = 6.8970 Chinese yuan renminbi)

(Reporting by Hong Kong newsroom)