Brookfield Corporation is in discussions to acquire China Life Insurance's 40% stake in 99 Bishopsgate, a City of London office tower scheduled for redevelopment, according to a report by the Financial Times.

The Chinese insurer, which acquired its holding in 2015, is reportedly negotiating to convert its equity interest into debt, allowing Brookfield to become the property's majority owner. Brookfield currently holds a 20% stake, with Canadian businessman Victor Dahdaleh owning the remaining interest. The building was valued at £280m at the end of 2025.

Brookfield secured planning permission last year to demolish the existing property and replace it with a 54-storey skyscraper, with demolition expected to begin in 2027. Under the proposed arrangement, China Life would not provide additional capital towards the redevelopment.

The potential transaction comes amid a broader withdrawal of Chinese investors from London's commercial property market. According to CoStar data cited by the Financial Times, Chinese investors acquired a net £10bn of London property between 2017 and 2020, but have disposed of a net £3bn since January 2021, reflecting higher financing costs, refurbishment requirements and changing investment priorities.