Insurer Ping An to acquire stakes in six Raffles City properties from Singapore’s CapitaLand in deal worth up to US$5.1 billion Pearl Liu pearl.liu@scmp.com Raffles City Hangzhou is among the developments in which Ping An plans to acquire a stake. Photo: Handout Ping An Insurance (Group), China's largest insurer by market capitalisation, plans to acquire stakes in six Raffles City retail and office developments in China from Singapore's CapitaLand for up to 33 billion yuan (US$5.1 billion). Ping An Life Insurance Company of China, a unit of Ping An, said it will acquire the stakes in Raffles City Shanghai, Raffles City Beijing, Raffles City Ningbo, Raffles City Chengdu, Raffles City Changning (Shanghai) and Raffles City Hangzhou, according to a filing with Insurance Association of China late on Monday. It will buy 60 per cent to 70 per cent stakes in the six companies owning the six properties, which are worth a total of 46.7 billion yuan.