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China insurers on prowl for trophy properties

New breed of buyers have boosted prices in New York and London

Anbang Insurance Group Co sealed the US$1.95 billion purchase of New York's Waldorf Astoria hotel by offering the full asking price before it officially went on the market.

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...

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