China Life, Ping An take majority stake in $500 mln Boston property project

April 8, 2015 10:15 AM

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BEIJING, April 8 (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 and Ping An Insurance Group Co of China Ltd 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.

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