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China's Ping An Insurance to buy Lloyd's building

By Juwai, 09 July 2013
20130709-PingAnLloydLondon.jpg

China's Ping An Insurance Group has agreed to buy the Lloyd's building, widely regarded as one of the most iconic properties in London, for £260 million.

The purchase was potentially a landmark transaction as the first by a Chinese insurance company overseas, according to a director at Savills, who advised on the deal.

Chinese have been making big investments in London:

  • In May 2013, Chinese developer Advanced Business Park signed an agreement worth £1 billion to transform the Royal Albert Dock into a business port.
  • In June 2013, Dalian Wanda Group announced a £700 million investment to develop a five-star hotel, the first such development by a Chinese firm overseas.

Read the full article on BBC News.

 

[Image source: Lloyd's building (London) by Barbara Piancastelli on Flickr.com]