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AIA in Talks to Buy Billion-Dollar Shanghai Tower in Growth Push

  • Insurance giant is said to consider purchasing SIIC Center
  • First wholly owned foreign life insurer is expanding in China
The North Bund area in Shanghai.

The North Bund area in Shanghai.

Photographer: Qilai Shen/Bloomberg

Insurance giant AIA Group Ltd. is in talks to purchase an office at a prime location in Shanghai as it expands business in China, according to people familiar with the matter. 

The Hong Kong-based insurer is considering buying SIIC Center, a multi-function project under construction near Shanghai’s North Bund area, said the people, who asked not to be identified because the details aren’t public. Shanghai Industrial Development Co., the state-owned developer that owns the tower, expects that the site could be valued at as much as 9 billion yuan ($1.3 billion), one of the people said.