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

By Juwai, 09 July 2013
Ping An Lloyd London

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]