China Life splashes out on US property

Insurer pays $950m to get 95% stake in commercial realty projects

Chinese leading insurer China Life Insurance (Group) Co said on Tuesday it is buying 48 commercial properties in the United States with total value of $950 million.

China Life Investment Holding Co Ltd, an alternative investment and management company and unit of China Life, is buying a 95 percent stake in the real estate projects from ElmTree Funds LLC, a private-equity firm based in the city of St Louis.