A leading Chinese insurance company agreed to buy the Lloyd's Building in London. The deal was set at an estimated US$388 million from a Commerz Real AG-managed fund.

The purchase made was the first for Chinese insurer.

Times of London reported last April 10 that Ping An Insurance Group Co which is China's second largest life insurer is set on acquiring the Lloyd's building. Calls to the Pin An's spokesperson's office were not answered to comment on the details of the acquisition.

The increasing number of Chinese investors that are investing in London is a clear indication of the emergence of the city as a haven for foreign wealth with the seen decline of the pound.

Roland Holschuh, a Commerz Real management board member said in a statement, "The current liquidity and investor demand within the London market presented an ideal time for us to seek an exit."

Separately, Beijing based Chinese developer, ABP (China) Holdings Group Ltd., signed an agreement last May to transform the 35-acre (14-hectare) site at Royal Albert Dock into the capital's third business district following the Canary Wharf and the City of London.