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Report: Lendlease pursues Ping An Insurance for Sydney project

Lendlease Corp.Ltd. is in preliminary talks with China's Ping An Insurance (Group) Co. of China Ltd. as a potentialcapital partner for the company's development project in Circular Quay, Sydney,The Australian reported April 7.

The Chinese insurer reportedly is among several parties beingpursued by Lendlease as capital partners for the project, which involves the constructionof a commercial office tower, a low-rise public building and the renovation of Jacksonson George licensed premises.

The Australian developer said earlier in March that it receivedcity approval for itsrevised plan for the project that would increase the height of its planned officetower at 182 George St. to a maximum of 248 meters.

The company had sought to modify its development plan after 'sproposed A$1 billion hotel-and-apartment projectnear its site was reportedly approved by the Sydney city council.

In June 2015, Lendlease had intended to sell the Circular Quay development site to Cbus Propertyfor an estimated A$300 million, but talks fell apart when Dalian Wanda submittedits project proposal. Separately, the company had shed stakes in the office buildings in Sydney's BarangarooSouth precinct to Qatar Investment Authority and other major investors.

Lendlease declined to comment on the Ping An talks, accordingto the publication.