Insurance giant AIA’s growth push into mainland China continues with interest in reportedly acquiring a billion-dollar office in Shanghai.
AIA is in talks to purchase SIIC Center – a Shanghai-based tower that could be valued at as much as 9 billion yuan ($1.3 billion) – according to a «Bloomberg» report citing unnamed sources. The multi-function project, which is still under construction, is located near Shanghai’s North Bund area and owned by state developer Shanghai Industrial Development Co.
Should the deal follow through, this would mark yet another example of AIA’s ongoing growth push into mainland China. It became the first wholly-owned foreign life insurer in China in 2020 and this year, it upgraded licenses in Tianjin and Shijiazhuang while obtaining approval for a new branch opening in Henan province.
In addition to establishing an asset manager, AIA also has plans to boost other holdings in China with examples like its recent acquisition of a 25 percent stake in China Post Life Insurance.
