China Life takes stake in NY office building

China Life Insurance Group Co, the country's largest insurer, has taken a sizable but undisclosed stake in a landmark New York office block, in a deal worth $1.65 billion.

The insurer is believed to be the largest investor in the Manhattan building, at 1285 Sixth Ave, in a transaction led by US developer RXR Realty LLC, according to media reports.

The purchase marks the latest high-profile property move by a Chinese company, in a trend experts said is being fueled by the desire to hedge against the risks of a slower Chinese economy and the yuan's depreciation.