China Life Insurance (Overseas) Company Limited Actively Invests in Overseas Real Estate Property
Hong Kong, 21 Dec 2015 – Recently, China Life Insurance (Overseas) Company Limited ("CLIO") announced via its official WeChat Page that China Life has invested in a Grade-A office building – 99 Bishopsgate located in the Central Business District of London.
The acquisition was carried out by China Life Investment Holding Company Limited, which serves as the investment platform of China Life Insurance Group. CLIO injected the capital for the acquisition. 40% shares of this project will be owned by China Life when the transaction is completed.
The iconic office building of 99 Bishopsgate is located in the Central Business District of London which has an accessible transportation network. 99 Bishopsgate, with a total construction area of approximately 32,000 square metres and a total of 26 floors, is a premier high-rise building in the city.
With the government's encouragement for state-owned enterprises to invest overseas, the alternative investments owned by CLIO have been expanding and growing rapidly. CLIO has just completed its largest acquisition of a whole commercial building block in Kowloon.
The success of the investment project in London further expands the scale of China Life's investment in high-quality property in the Central Business District of London. Investing in the premier office building overseas gives the company an investment opportunity as well as persistent and stable returns, furthering the goal of the company. It also effectively increases China Life's investment competitiveness and brand influence worldwide.
About China Life Insurance (Overseas) Company Limited
China Life Insurance (Overseas) Company Limited (abbreviated as "China Life Overseas Company") is a wholly-owned subsidiary of China Life Insurance (Group) Company, the largest financial insurance corporation in China. For 13 consecutive years, the parent company is a Fortune Global 500 company, which ranked 94 in 2015, with brand value of over RMB 182 billion*. China Life Overseas Company sets up its branch in Hong Kong since 1984. Our business covers 3 main categories, including insurance, investment as well as provident fund service. With "China" as its brand name, we promise to deliver long-term commitment and total protection solutions to our customers. In 2014, our premium income reaches HKD30 billion, with a breakthrough in agency force of over 3,000 people. At present, our asset value is more than HKD120 billion. In November 2014, China Life Overseas Company's prudent financial management are underscored by the ratings accredited by the following international rating agencies, including Moody's - "A1" insurance financial strength rating and Standard & Poor's - "A+" long-term local currency issuer credit rating and insurer financial strength rating.
*Source: 'Top 500 Most Valuable Chinese Brands' 2016 by World Brand Lab.