October 19, 2012 / 2:03 AM / in 5 years

China's CIC keen on Canada's resource sector: paper

SHANGHAI (Reuters) - China’s sovereign wealth fund China Investment Corp CIC.UL is interested in investing in Canada’s resource and infrastructure sectors, a company executive told the official China Securities Journal.

China’s outbound investments have grown steadily since the 2007-2008 financial crisis, with most deals targeting resource-rich regions as the world’s second-largest economy fuels growth.

CIC’s Toronto Chief Representative Felix Chee told the paper that CIC was most keen in Canada’s resource industry as the country has abundant mineral and petroleum resources.

The investment company is interested in infrastructure projects as those are related to resource extraction and will help CIC retain a stable return on investment.

“Investment needs to be carried out at the right time, at the right price for the right asset,” Chee said.

Other areas of interest include manufacturing, technology and real estate, Chee said, adding that CIC prefers to find its own investment opportunities and invest early and quickly.

CIC has a stake in an oil sands project with Canada’s Penn West Petroleum Ltd PWT.TO. In 2009, CIC took a 17 percent stake in Teck Resources TCKb.TO for C$1.74 billion ($1.77 billion).

For factbox on Chinese investments in Canada’s oil and gas sector.

($1 = 0.9823 Canadian dollars)

Reporting by Melanie Lee; Editing by Jacqueline Wong

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