Clifford Chance's headquarters in Canary Wharf is set to be acquired by China Life in a £780m deal, it has been reported. 

The state-owned Chinese insurance group is understood to be in talks with property owner Canary Wharf Group (CWG) to buy the 30-storey building at 10 Upper Bank Street, according to a report by Sky News.

It is not known whether CC will be affected by the buyout, which reports say has not yet been finalised but is expected to be signed off in the coming weeks. Both the firm and CWG declined to comment.

The news comes as the magic circle firm continues to look for a tennant to sublet six floors of empty office space, or roughly 220,000 sq ft of CC's City office.

CC has been in talks to sublet the floors for some time after the London Organising Committee of the Olympic and Paralympic Games (LOCOG) vacated its space in the months following the 2012 Summer Olympic Games.

The firm has been missing out on millions in annual rental income, with property advisers CBRE and GVA's respective websites listing rental rates on the building at £39.50 per sq ft.

Chinese investment into the Central London commercial property market has been increasing in recent years, with other major acquisitions made by Chinese investment fund Gingko Tree's, Bank of China and ICBC.

According to a report by CBRE, the interest by Chinese investors is due to a scarcity of investable prime properties in first-tier Chinese cities, and a short-term risk from oversupply in second and third-tier areas.

Chinese investment is expected to increase significantly, particularly in the insurance sector, with Ping An having already acquired the Lloyds of London building for £260m.

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