CIC plans to set up Toronto office
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China Investment Corporation now manages US$300 billion in funds. |
China Investment Corporation, the country's US$300-billion sovereign wealth fund, plans to set up its first overseas representative office in Toronto, National Business Daily reports.
Toronto is the residential choice for many Chinese immigrants and the headquarters for some large pension funds in Canada. Analysts think CIC's move is a result of its increasing interests in Canada's mining and energy sector.
Last year, CIC invested 817 million Canadian dollars for a 45-percent stake in a bitumen joint venture with Penn West Energy Trust. CIC also acquired 5 percent of Penn West with C$435 million Canadian dollars. In 2009, the sovereign wealth fund purchased a 17-percent stake in Vancouver-based mining and processing company Tech Resources.
China's business press carried the story above on Thursday. China.org.cn has not checked the stories and does not vouch for their accuracy.
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