CIC opens Toronto office
The China Investment Corporation (CIC), China’s $330 billion sovereign wealth fund, has announced that it is opening its first permanent overseas office outside of China and Hong Kong, in Toronto. Rumblings among sources close to CIC as well as informed industry onlookers indicate that the choice tops setting up an office in the US because Canada has been more open to state investments in natural resources groups. Since 2009, five PRC state-owned enterprises have made investments in Canadian energy and mining assets totaling nearly $10 billion.
Questions still remain about why the group chose Toronto - it could be due to the request of Felix Chee, an international advisor to CIC who wants to live in Toronto and could in part be to make a statement...
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