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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