Date
20 October 2017

Ping An Life considered Empire State purchase, website says

Ping An Life Insurance Co. of China Ltd. considered buying New York’s iconic Empire State Building but dropped the idea after weighing up maintenance costs, news website caixin.com reported Tuesday, citing chairman Ding Dang. The insurer balked at the potential cost of maintaining the 103-story skyscraper built in 1929 in midtown Manhattan, the report said. In addition, insurers have more investment opportunities now that the government has lifted certain restrictions on insurance funds, Ding was quoted as saying. In July, Ping An Life bought the Lloyds of London building for 260 million pounds (US$417.19 million) from German asset management fund Commerz Real.

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