On June 25th, China Life Insurance Company Limited secured the Z10 plot in Beijing's core CBD area with an investment of 2.993 billion yuan at the reserve price.
This plot was previously won at auction in 2011 for 3.45 billion yuan by a consortium led by Anbang Insurance, with plans to develop a 300-meter super-tall landmark building. However, the project failed to proceed as scheduled and the land was eventually returned.
According to the Beijing Public Resource Trading Service Platform, the Z10 plot in Chaoyang District's CBD core area was acquired by Beijing Jinting Real Estate Co., Ltd. for 2.993 billion yuan at the reserve price on June 25th.
Public information shows that Beijing Jinting Real Estate is 100% owned by Guoshou Qihang Yiyi (Tianjin) Equity Investment Fund Partnership (Limited Partnership). The major shareholder behind Guoshou Qihang is China Life Insurance Company Limited.
This marks China Life's return to acquiring land in the CBD core area after a 15-year interval.
According to China Life's annual report, its balance of real estate investments reached 11.702 billion yuan by the end of 2025.
Background of the Z10 Plot
Back in July 2011, this plot was won for 3.45 billion yuan by a consortium comprising Founder Group, Anbang Property & Casualty Insurance, and CITIC Group, with the intention of constructing a 300-meter super-tall landmark.
Subsequent events, including the collapse of the "Anbang Group" and the bankruptcy restructuring of Founder Group in 2022, prevented the normal progression of the project, leading to its eventual suspension and the return of the land.
The Z10 plot was relisted for sale in May of this year.
Key Transaction Terms
The terms of this sale require that the entire above-ground and underground building area must be self-held for the maximum land grant period, which is 40 years for commercial use and 50 years for office use. The property cannot be subdivided or sold in parts.
Strategic Location
Geographically, the Z10 plot is situated at the northeast corner of the Guomao Bridge, adjacent to the eastern extension of Chang'an Avenue. The vicinity is home to the headquarters of several insurance companies, including Taikang Insurance, Sunshine Insurance, Dajia Insurance, New China Life Insurance, and Generali China Life Insurance.
Trend of Insurance Capital in Real Estate
Since last year, there has been a significant trend of insurance capital investing in real estate in first-tier cities.
In August 2025, a consortium led by Taikang Life Insurance took over three Liva shopping malls in Wuxi, Beijing, and Wuhan, with a total transaction valuation of 16 billion yuan.
In October 2025, China Post Life Insurance completed the acquisition of the Bohua Plaza in Shanghai's Jing'an District, with a transaction value of 10.8 billion yuan.
In May 2026, Dajia Life Insurance and other institutions jointly established a 6.1 billion yuan fund to acquire Beijing's Dinghao DH3 building.
The intensive participation of insurance capital in the real estate investment sector represents a strategic shift. This move is driven by policy guidance to "lengthen the assessment cycle" and is a response to the market environment of an "asset shortage."
Current Market Conditions
However, the current rental prices for office space in Beijing's core CBD are not what they used to be. Compared to the peak monthly rent of 300-400 yuan per square meter in earlier years, the actual market price now is around 200 yuan, showing a significant decline.
Data from Cushman & Wakefield for the first quarter of 2026 shows that the average rent for Grade A office space in Beijing was 200.31 yuan per square meter per month, a decrease of 2.6% month-on-month and 11.8% year-on-year.
Even in the prime location of Beijing's CBD core area, the top-tier geographical conditions have not been immune to the "price revaluation" chill affecting the office market.
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