China Life Insurance Co. will invest more than US$1 billion to take a 30% stake in American warehouse operations recently acquired by Singapore-listed Global Logistic Properties, The Wall Street Journal reported, citing an unnamed source. Global Logistic Properties said in a statement Thursday it was establishing a new fund to manage the assets, acquired from Denver-based Industrial Income Trust Inc., and that China Life Insurance and two institutional investors had jointly invested in 66% of the fund. The move by China Life follows the formation of a US-focused US$600 million real-estate investment fund last week by a unit of rival Ping An Insurance and Blumberg Investment Partners.