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Chinese conglomerate nabs massive London property


Massive Chinese conglomerate Ping An Insurance has recently acquired the Tower Place in the financial district of London, in what is certainly a substantial property grab.

This news is according to international property website Juwai, and is a strong reflection of the firm's earlier prediction of ramping Chinese commercial property investments.

In January, Juwai outlined several Chinese trends having a global impact, including tourism, a substantial number of hotel and luxury investments and the fact that outbound property investments were the rise.

"2014 was a year that saw major transformations that shook the world sparking a global boom encompassing overseas property investment, outbound travel, and emigration - all intertwining to form a symbiosis of trends propelling each other," Juwai detailed.  

The property purchase marks the latest in a series from the firm, following Lloyd's Building in the city in July 2013. Lloyd's Building cost US$388 million (AU$499 million), while the recent Tower Place cost US$482 million (AU$501 million).  

Tower Place is massive office complex, currently home to Marsh and McLennan Companies. It's also located near the iconic Tower of London.  

"Besides major Chinese developers, Chinese insurance companies are also big movers and shakers when it comes to making major deals in offshore real estate investments in their bid to diversify and expand their assets abroad," Juwai explained.  

"Other major insurance companies that made the rest of the world sit up last year was Anbang Insurance Group."

Following the predictions from Juwai, this year will likely see continued property investments from Chinese companies. 

China would appear to be a powerhouse of outbound investments - something that's good news for those involved in property. Juwai explained that such a large investment so early in the year points to exciting future developments.

Date Published: 04 Feb 2015
Category: AsiaNewsNews

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