In March 2014, the CIC acquired a $40 million stake in iKang Health Group. In September 2013, the fund acquire a 12.5% stake in Russian potash fertiliser company Uralkali for a rumoured $2 billion. Felix Chee will be the chief representative officer In 2011, CIC established its first foreign office in Toronto, choosing it over financial centres such as New York or London as its first office. In 2010, CIC established a new subsidiary, CIC International (Hong Kong) Co in Hong Kong and appointed Lawrence Lau as its chairman. In 2008, CIC joined the International Forum of Sovereign Wealth Funds and signed up to the Santiago Principles on best practice in managing sovereign wealth funds. The CIC paid its first interest on the bonds in February 2008 where it paid 12.9 billion yuan. According to Lou Jiwei, the CIC needs to make a profit of 300 million Yuan every day just to pay the interest on the bonds and operation costs. The bond process was completed in December 2007.
1,550.35 billion yuan ($207.91 billion) was issued in this bond sale. Special national debt bonds were issued to create the capital that the CIC needed. In May 2007 it was reported that CIC was to buy a $3 billion stake in the Blackstone Group. The state-owned Central Huijin Investment Corporation was merged into the new company as a wholly owned subsidiary company. ) The China Investment Corporation was established with the intent of using these reserves for the benefit of the state, modeled according to Temasek Holdings of Singapore.
History Īs of 2007, the People's Republic of China has US$1.4 trillion in currency reserves. China's largest sovereign wealth fund, CIC was established in 2007 with about US$200 billion of assets under management, a number that grew to US$941 billion in 2017 and US$1.2 trillion in 2021. China Investment Corporation ( CIC Chinese: 中国投资有限责任公司 pinyin: zhōngguó tóuzī yǒuxiàn zérèn gōngsī) is a sovereign wealth fund that manages part of the People's Republic of China's foreign exchange reserves.
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