Ping An Insurance (Group) Company of China, Ltd. (SEHK:2318) plans to acquire stakes in six Raffles City retail and office developments in China from CapitaLand Limited (SGX:C31) for up to CNY 33 billion (USD 5.1 billion). Ping An Life Insurance Company of China, a unit of Ping An, said it will acquire the stakes in Raffles City Shanghai, Raffles City Beijing, Raffles City Ningbo, Raffles City Chengdu, Raffles City Changning (Shanghai) and Raffles City Hangzhou, according to a filing with Insurance Association of China late on Monday. It will buy 60% to 70% stakes in the six companies owning the six properties, which are worth a total of CNY 46.7 billion.

“The six properties are the top-notch core assets of CapitaLand, with high-calibre tenants and stable rental income. The proposed investment will optimise the allocation of insurance funds and offer a stable and good return,” the Ping An unit said. “It will help in the appreciation of insurance funds”.