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China moving billions of dollars into these sectors
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Monday, August 31, 2009
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By Daily Crux Editor Brandon Herrin:

China's $297.5 billion sovereign wealth fund, China Investment Corp., just announced plans to allocate billions more away from the dollar and into hedge funds and private-equity funds instead.

At the end of 2009, the fund had 87.4% of its portfolio in cash and cash equivalents. But CIC chairman Lou Jiwei has made it clear that this percentage will dwindle as the fund looks to allocate $6 billion into hedge funds by year-end.

In particular, CIC is positioning itself into the property and resources sectors. It has plans to invest in London-based property manager Songbird Estates PLC and in Canadian miner Teck Resources Ltd.

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Topics: China | Hedge Funds | Stocks
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