{"id":32065,"date":"2016-01-02T21:09:42","date_gmt":"2016-01-02T20:09:42","guid":{"rendered":"http:\/\/www.w-t-w.org\/en\/?p=32065"},"modified":"2016-01-03T08:38:14","modified_gmt":"2016-01-03T07:38:14","slug":"32065","status":"publish","type":"post","link":"https:\/\/www.w-t-w.org\/en\/32065\/","title":{"rendered":"China Leaves Canada for US Investments"},"content":{"rendered":"

China Moves over the Border from Canada to New York after mining and energy investments fail.<\/p>\n

After a string of bad investments, China Investment Corp. (CIC) has shut down its Toronto office and is opening a new one in New York, part of a quiet retreat from Canadian natural resources by China\u2019s state-controlled entities.<\/p>\n

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As May 19th, 2015 approached, China Investment Corp. was faced with a scenario that every pension or sovereign wealth fund dreads: whether to allow one of its key investments to live or die.<\/p>\n<\/div>\n

The decision ends a five-year presence by China\u2019s sovereign wealth fund in the city, picked for its first and only overseas office to monitor investments in Canada\u2019s mining and oil and gas sectors, a top Chinese priority when they were made.<\/p>\n

But with commodity prices tanking, partly because of slowing growth in China, and CIC\u2019s Canadian buying spree long over, it is opening a new base in New York in the new year as part of a change in investment strategy, a source confirmed.<\/p>\n

In the U.S., CIC wants to take advantage of the high American currency and contribute to the launch of a new subsidiary, CIC Capital Corp., that will invest in overseas infrastructure projects. It is also looking to team up with other firms as co-investors.<\/p>\n

CIC was founded in 2007 by the Chinese government to help the country earn a higher return on its pool of foreign exchange reserves, worth US$3.44 trillion at the end of November. CIC manages US$747 billion.<\/p>\n

Some of that money flowed into Canada at the height of the commodity boom. CIC committed US$500 million in 2009 to SouthGobi Resources Ltd., the Vancouver-based company with operations in Mongolia, then invested $1.7 billion in Teck Resources Ltd.<\/div>\n
\"China<\/a><\/div>\n
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China Moves over the Border from Canada to New York after mining and energy investments fail. After a string of bad investments, China Investment Corp. (CIC) has shut down its Toronto office and is opening a new one in New … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[13],"tags":[],"class_list":["post-32065","post","type-post","status-publish","format-standard","hentry","category-finance"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t