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Ping An Life buys land in Hangzhou for RMB 2.31 bln

May. 31, 2012 (China Knowledge) - Ping An Life Insurance Co Ltd, a subsidiary of Ping An Insurance (Group) Co<601318><2318>, recently teamed up with two units of Ping An Trust & Investment Co to buy a plot in Hangzhou of Zhejiang Province for RMB 2.31 billion, sources reported.

Ping An Life said that the plot will be used to develop office buildings for its Zhejiang branch.

This is the first investment by Ping An Life in the real estate sector since last year when it became the first domestic insurer to get a license to directly invest in PEs and properties.

According to current regulations, insurance companies are allowed to invest up to 10% of their total assts at the end of the previous quarter in real estate and related financial products. At the end of 2011, Ping An Life has total assets of RMB 848 billion.

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