CC Land buys city of London's tallest skyscraper for $1.46b

A Chinese realty firm said it has paid 1.135 billion pounds ($1.462 billion) to buy the tallest skyscraper in City of London - the biggest Chinese investment in the United Kingdom's real estate market.

Analysts said that the move showed developers were diversifying their investments by location and business models, with more stepping out of the domestic market and getting yields from rental income instead of sales revenue.

Hong Kong-listed CC Land Holdings Ltd, controlled by property magnate Cheung Chung-kiu, one of the biggest real estate players in Chongqing, said in an announcement on Monday that one of its subsidiaries bought 122 Leadenhall Street, known widely as the Cheesegrater for its distinctive wedge shape.