CCB acquires prime commercial real estate in Seoul

State-owned China Construction Bank Corp has become the first Chinese lender to buy a single office building in Seoul, the South Korean capital, in a deal worth 300 million yuan ($48.5 million), the Seoul office of the bank has confirmed.

The deal to acquire the 12-story Tongyang Life Insurance building was agreed in October and marks the first major expansion in the city by a leading Chinese organization.

Located on an avenue called Euljiro in downtown Seoul, the building is near the main offices of many Korean multinational corporations and financial institutions.