China Life Buys Beijing Plot From Anbang's Stranded Assets

Key facts

• China Life Insurance Co. acquired a commercial plot in Beijing's central business district.
• The plot was previously owned by Anbang Insurance Group.
• The transaction value was nearly 3 billion yuan ($441 million).
• The acquisition highlights state insurers absorbing prime real estate from collapsed conglomerates.

China Life Insurance Co. has acquired a long-vacant commercial plot in Beijing's central business district for nearly 3 billion yuan ($441 million). The asset was previously stranded following the collapse of Anbang Insurance Group. This transaction illustrates how well-capitalized state insurers are taking over prime real estate assets that were left in limbo after the implosion of China's debt-heavy conglomerates.