CPPIB to invest $250 million into Chinese real estate venture
TORONTO, March 25 (Reuters) - The Canada Pension Plan Investment Board said on Tuesday that it would invest $250 million in the Chinese real estate market through a new venture with China Vanke Co Ltd, the nation's largest residential developer.
The pension fund manager said the venture would focus on new residential development projects in large cities across China, starting in the city of Qingdao in the Shandong Province.
CPPIB said it intended to capitalize on China's rising incomes and strong economic fundamentals, factors that will provide significant demand for middle-income housing.
Vanke's revenue exceeded $22 billion in 2013. The company has developments in 65 large and medium-sized cities across the country and four overseas cities. (Reporting by Euan Rocha; Editing by Lisa Von Ahn)
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