Off the wire
• CIA director says he is "outraged" by hacking of his personal email account  • Chicago soybeans, wheat rally; corn weakens on demand concerns  • Despite conflict, almost 70,000 people flee to Yemen in 2015: UN  • Spanish stock market falls 1.49 pct, closes at 10,322 points  • Finland tightens line on Somali asylum applicants  • Feature: Refugee crisis continues to create rift between pro-Europeans, Eurosceptics  • FBI investigates white police officer body-slamming black girl  • Oil prices retreat ahead of inventory data  • Foreign exchange rate of Euro to other currencies  • Germany's benchmark DAX index closes down  
You are here: 　 Home

Chinese insurance giant Ping An bets on U.S. real estate

Xinhua, October 28, 2015 Adjust font size:

China's insurance giant, the Ping An Insurance (Group) Company of China, announced Tuesday that it has formed a 600-million-U.S. dollar fund to invest in U.S. real estate together with Blumberg Investment Partners.

The portfolio consists of logistics assets across the United States, Ping An said in a news release. The company also decided to invest a further 400 million dollars in some other logistics projects.

The logistics assets Ping An invests are in New York City, Atlanta, South Florida, Colorado and many other places in the U.S. Blumberg Investment Partners will look for more projects for the two companies' further cooperation.

Zhang Jinshun, CEO of Ping An Insurance, said in the news release that the company has a broad experience in investments overseas and is a bellwether of China's corporations investing in properties globally.

The move is part of a growing trend by cash-rich Chinese insurance companies to invest in developed countries, particularly in the real estate sector.

Ping An Insurance and China Life Insurance (Group) Company announced earlier this year that they would serve as co-investors in Tishman Speyer's prime waterfront site at Pier 4 in Boston's Seaport District.

Tishman Speyer is one of world's famous asset managers of first-class real estate.

In March 2015, China's insurer Anbang Insurance Group Co. agreed to buy 21 floors of an office building on the famed Fifth Avenue in Manhattan, New York City.

Last October, Anbang has made headlines with the acquisition of Waldorf Astoria, the landmark hotel on Park Avenue in the Big Apple. Under the agreement, Anbang purchased the iconic luxury hotel for 1.95 billion dollars from Hilton Worldwide Holdings. Enditem