CPPIB's Asia real estate head talks strategy

Jimmy Phua tells FinanceAsia about the fund's latest investment, its reliance on long-term partners and its plans for the coming years.
Chongqing's West Paradise Walk
Chongqing's West Paradise Walk

The Canada Pension Plan Investment Board's latest investment in a Chinese shopping mall is part of a broader bet on the rising long-term value of property used by the country’s burgeoning middle class. 

On October 20, CPPIB said it had bought 49% of a shopping mall joint venture alongside China’s Longfor Properties. It paid C$193 million $146.4 million for the stake.

The mall, West Paradise Walk, is in Chongqing one of China’s largest cities with a population of over 30 million. CPPIB, one of the top ten largest retirement funds in the world, sees opportunity in catering to its increasingly wealthy shoppers.

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