Ping An, partner, in US property fund

Hong Kong

PING An Insurance (Group) Company of China, the country's second largest insurer, has formed a US$600 million fund to invest in US real estate together with Blumberg Investment Partners. The portfolio consists of logistics assets across the United States, the companies said in a joint news release, and the two plan to invest a further US$400 million. The move is part of a growing trend by cash-rich Chinese insurers to invest in developed Western markets, particularly in real estate.

Last October, Hilton Worldwide Holdings said it would sell the landmark Waldorf Astoria New York hotel to Chinese insurer Anbang Insurance Group Co for US$1.95 billion. REUTERS