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Tokio Marine Holdings Inc., one of the nation’s oldest insurers, is joining its Chinese peers in investing in property overseas — but with a twist.

Unlike counterparts like China Life Insurance Co. and Anbang Insurance Group Co., which have been buying trophy properties in the United States and Europe, Tokio Marine is putting its money into funds that invest in real estate, said Shinji Kawano, head of Tokio Marine’s property asset management unit.

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