A state-back Chinese insurance firm is thought to be in advanced talks to purchase law firm Clifford Chance’s headquarters in Canary Wharf for £780m.
China Life, China’s largest life insurer, is understood to have been on the hunt for trophy assets to buy in London, providing further evidence of mounting interest from Chinese investors in London’s property market.
It is in talks to buy the Kohn Pedersen Fox-designed tower at 10 Upper Bank Street from Canary Wharf Group on behalf of funds that it controls in what could be one of the biggest commercial property deals this year to date.
A spokesperson for Canary Wharf Group declined to comment on the deal, which was first reported on Sky News yesterday.
London has seen a wave of new entrants come into the market from China, including insurer Ping An, which acquired the Lloyd’s of London building for £260m last year.
Others are taking a more active role, including Chinese firm ABP, which is building a £1bn business park in London’s Royal Docks.