July 11 (NBD) -- Ping An Asset Management Co Ltd (PAAMC), a financial investment unit of Chinese insurer Ping An Insurance (Group) Company of China ("Ping An"), will acquire 582 million shares of China Fortune Land Development Co Ltd ("CFLD", 600340.SH) for 13.77 billion yuan (2.1 billion U.S. dollars), the Chinese real estate developer said Tuesday.

This marks a new move of Ping An in the real estate field.

Upon the completion of the deal, PAAMC will become the second largest shareholder of the property company with a 19.88 percent stake. In the future, the financial investment firm will have the preemptive right to purchase CFLD's shares if the latter's big shareholders continue cutting back on their holdings. 

With regard to the new deal in the real estate sector, PAAMC said it highly values CFLD's business landscape circling core cities. Besides, the property developer also has an appealing valuation and keeps a stable dividend payout at present. 

Before investing in CFLD, Ping An has made itself the second largest shareholder of Country Garden Holdings Co Ltd, CIFI Group and Sunac China Holdings Limited which both are real estate giants. 

It appears the insurance giant expects more from the property sector beyond the pure financial investment. The insurer didn't rule out the possibility of conducting all-round cooperation with real estate firms it invested in, the company's management team once said. 

For example, Ping An's subsidiary Ping An Real Estate Company Ltd. has built ties with a lot of famous property developers through funding projects or offering loans.  

Email: lansuying@nbd.com.cn