Chinese insurer Ping An buys Lloyd\'s London building

Chinese insurance giant Ping An has made a big foray into London\'s City financial district by buying the Lloyd\'s building for £260 million ($387 million, 302 million euros), estate agency Savills announced on Monday. Ping An Insurance has agreed to purchase the building from a German investment fund managed by Commerz Real, which is a division of lender Commerzbank. The Lloyd\'s building houses insurance market Lloyd\'s of London. \"This is a potentially landmark transaction,\" said Jon Crossfield, director within Savills\' Central London team. \"It is a high profile and confident entry to the market for them and further illustrates the dominance of overseas investors in London at present.\"