CPPIB seals another China property deal, eyes more

Canada's biggest pension fund underlines its positive outlook on property developments serving China's middle class with $162 million purchase of mall stake

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...

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