China Life, Ping An take majority stake in $500 million Boston property project | Reuters

China’s two biggest insurers are funding the majority of a $500 million commercial real estate project in the United States, a person with knowledge of the deal said, in the latest offshore property investment by China’s cash-rich financial institutions.

China Life Insurance Co Ltd (601628.SS)(2628.HK) and Ping An Insurance Group Co of China Ltd (601318.SS)(2318.HK) have partnered New York developer Tishman Speyer Properties LP in a deal that will see each party invest about $167 million in the first phase redevelopment of Boston‘s Pier 4, the person said.

Tishman Speyer declined to provide immediate comment, while China Life declined to comment and Ping An could not be reached. The Wall Street Journal reported the tie-up early on Wednesday.

Chinese insurers have been on a shopping spree over the past three years since a ban on foreign property investment was lifted. They are permitted to invest abroad up to 15 percent of their roughly 10.5 trillion yuan ($1.69 trillion) in assets.

China Life and Ping An have invested in property in London, and Boston would be their first project in the United States.

via China Life, Ping An take majority stake in $500 million Boston property project | Reuters.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Law of Unintended Consequences

continuously updated blog about China & India

ChiaHou's Book Reviews

continuously updated blog about China & India

What's wrong with the world; and its economy

continuously updated blog about China & India

%d bloggers like this: