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.
