China’s CIC Aims to Invest in Canadian Resources, Globe Reports
China Investment Corp. is looking to invest in Canadian resource, infrastructure and real estate companies, the Globe and Mail reported, citing the director of the Beijing-based sovereign wealth fund’s Canadian office.
China Investment seeks minority stakes in such companies, not controlling investments, Felix Chee said in an interview.
“There is a perception and concern about China and the controlling of resources,” Chee told the Toronto-based newspaper, adding that the fund “does not seek control” of any Canadian company.
China Investment appointed Chee as head of the Toronto office, its first foreign representative bureau, in January. The fund bought a 17 percent stake in Teck Resources Ltd., Canada’s largest diversified mining company, for C$1.74 billion ($1.5 billion at the time of purchase) in July 2009.
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