China's Ping An buys $388m London building

China’s Ping An Insurance (601318.SHA, 2318.HKG) has agreed to buy the Lloyd’s of London (LYG.NYSE, LLOY.LON) building from a Commerz Real AG-managed fund for US$388 million, Bloomberg reported. The purchase of the London property represents a growing interest in buying real estate in major developed cities after the Chinese government made it easier for insurers to buy property in October last year. Chinese investors could spend US$5 billion on foreign real estate this year, up 25% from 2012. Another Chinese company, Dalian Wanda, announced last month that it would be investing in a London site to build Western Europe’s tallest residential tower.