China insurers on prowl for trophy properties
New breed of buyers have boosted prices in New York and London
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Hong Kong
WHAT do New York's most famous hotel, the Lloyd's of London building and the headquarters of the UK's top law firm have in common? They're all owned by Chinese insurers.
This new breed of buyers, who were not allowed to invest overseas before 2012, are flooding into the global market for prime commercial real estate after being given more freedom to deploy their US$1.6 trillion of assets. That has meant good times for sellers of trophy real estate in major cities.
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