CC Land to buy London's 'Cheesegrater'

Chinese firm CC Land confirmed it is in talks to buy the tallest building in City of London for 1.02 billion pounds ($1.26 billion), in the largest Chinese investment in the United Kingdom's real estate market if the deal is completed successfully, after a report in the Daily Telegraph.

Hong-Kong listed CC Land is controlled by Chinese property magnate Cheung Chung-kiu, one of the largest players in the real estate market in Chongqing. The tower the company seeks to buy is 122 Leadenhall Street, widely known as the "Cheesegrater" for its shape.

CC Land is seeking to buy out both British Land and Canada's Oxford Properties, joint venture partners in the 225-meter-high building, according to the report.