Canary Wharf

China’s Kingboard Chemical Holdings Ltd., a Hong Kong based investor, has agreed to purchase KPMG’s London headquarters located in Canary Wharf, the most important business area of London, according to a statement issued by the company on Dec. 15.

Kingboard Chemical was established in 1988 and runs businesses in multiple areas including laminate manufacturing, circuit board printing, chemicals, and real estate.

According to the statement, the final price was nearly £400 million ($535 million).

In addition, Kingboard will leaseback the property, which comprises 434,261 square feet (40,328 square meters), to KPMG for 25 years at an annual rent of £18.13 million.

It is not the first property purchase made by buyers from mainland China and Hong Kong.

Chinese developer Cheung Kei Group made its second London real estate play by buying a Canary Wharf office building for £270 million, said UK media on Dec. 5.

London’s landmark “Walkie-Talkie” skyscraper was also sold to Hong Kong investor Lee Kum Kee, a sauces and condiments group, for £1.3 billion this July.