China Economic Review: China Investment Corp (CIC), the country’s sovereign wealth fund, is expanding its US real estate interests, having helped refinance a Manhattan office tower co-owned by Carlyle Group.With the US commercial real estate industry in need of new investment to service outstanding mortgage debts, Chinese purchases rose sevenfold to US$127 million in 2010, according to research firm Real Capital Analytics. This doesn’t include acquisitions made through property funds. In November, CIC bought a 7.6% stake in General Growth Properties (GGP), the second-largest US mall owner, through a fund manager that participated in the company’s bankruptcy reorganization.
That GGP stake alone is worth over $1 billion. Read more at China Economic Review…..