Canada's biggest pension fund has taken its spending on real estate projects in China to $681 million in a fortnight, after snapping up a major stake in a shopping mall in the northeastern city of Dalian.
In a $162 million deal, the Canada Pension Plan Investment Board CPPIB bought 40% of the mall from Malaysian property group Pavilion, underscoring a long-term bet on the rising value of property used by China's burgeoning middle class.
“The investment announced in the last few weeks reinforce our long-term commitment to China, an important market for a long term investors like us,” said Jimmy Phua, CPPIB’s Asia...
¬ Haymarket Media Limited. All rights reserved.
