China’s two biggest insurers are funding the majority of a $500 million commercial real estate project in the United States, a person with knowledge of the deal said, in the latest offshore property investment by China’s cash-rich financial institutions. China Life Insurance Co Ltd (601628.SS)(2628.HK) and Ping An Insurance Group Co of China Ltd (601318.SS)(2318.HK) have partnered New York developer Tishman Speyer Properties LP in a deal that will see each party invest about $167 million in the first phase redevelopment of Boston’s Pier 4, the person said. Tishman Speyer declined to provide immediate comment, while China Life declined to comment and Ping An could not be reached. The Wall Street Journal reported the tie-up early on Wednesday. Chinese insurers have been on a shopping spree over the past three years since a ban on foreign property investment was lifted. They are permitted to invest abroad up to 15 percent of their roughly 10.5 trillion yuan ($1.69 trillion) in assets. China Life and Ping An have invested in property in London, and Boston would be their first project in the United States. “Insurance companies tend to look for large, trophy buildings in key gateway cities,” said David Ji, Knight Frank head of Greater China research and consultancy. “It’s only a matter of time before they shift their focus from the U.K. and Australia to the U.S., because that’s where the volume is.” Chinese overseas property investment grew 46 percent in 2014 to $16.5 billion, with London and Sydney the top destinations and nearly 70 percent going into commercial real estate, showed a January report by consultancy Jones Lang LaSalle. The amount is likely to reach $20 billion this year, the consultancy said. In February, unlisted Anbang Insurance Group Co completed a $1.95 billion purchase of New York’s Waldorf Astoria Hotel. China Life and Ping An’s transaction closed in March, said the person with knowledge of the deal, who was not authorized to speak with media on the matter and so declined to be identified. In an earlier statement, Tishman Speyer said the Boston project would comprise a 13-storey office block and nine-story, 100-apartment luxury condominium tower. Tishman Speyer, which has offices in Beijing and Shanghai, has been seeking Chinese partners to co-fund U.S. projects. In 2013, it partnered China Vanke Co Ltd (000002.SZ)(2202.HK) to build two condominium towers in San Francisco.