, China
/Robert Bye from Unsplash

ZhongAn buys landmark offices in Shanghai

The insurer plans to build a FinTech cluster through the property purchase.

ZhongAn Online P&C Insurance announced its purchase of two office buildings in Bund, Shanghai worth around $200m (CNY1.44b) from the Rockefeller Group.

ZhongAn said in a bourse filing that the properties hold landmark status and scarcity. This aligns with Huangpu District's efforts to develop a FinTech ecosystem, enhancing the company's strategic collaboration with the government and reducing rental costs. 

Directors affirm the transaction's fairness, seeing it as beneficial to the Company and its shareholders.

ALSO READ: ZhongAn Insurance publishes white paper on generative AI application

The insurer also indicated the funds for the purchase agreement will come from internal resources.

ZhonAn will provide payment for the first property before 15 May, worth $81.8m (CNY591m) or 100% of the building’s value. Further, payment for the second property will be made before 15 May of next year, which is worth $116.8m (CNY845m).

($1.00 = CNY7.23)

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