Ping An Insurance Group, one of China's largest life-insurance companies, is buying the Lloyd's building in London for $388 million.

This is the first real estate purchase outside of China by a Chinese insurance company, but experts say it could be the beginning of more real estate ventures by Chinese companies investing in London and elsewhere.

The tower, opened in 1986 and designed by Richard Rogers, has a unique design—referred to as inside-out—where the usual interior mechanics and elevators are visible from the outside.

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