The Canadian Pension Plan Investment Board (CPPIB) has signed a joint venture deal with a Chinese developer in a major real estate project in Suzhou. The city with its population of some 10 million, is the fifth most affluent in China.
The deal will see the CPPIB invest C$234 million with Chongqing, China based Longfor Properties Company Ltdn in a mixed-use office, retail, residential, and hotel development. Construction began in 2013 and is scheduled to be completed in stages between 2018-19.
The project is called the “Times Paradise Walk”.
Quoted by the Canadian Press agency, Jimmy Phua, CPPIB’s head of real estate investments in Asia said, “This is CPPIB’s first direct joint venture in a mixed-use development in China and we are pleased to be doing this alongside Longfor, a well-respected and experienced developer in China”.
The CPPIB manages Canada’s national pension fund monies not immediately needed to cover current pension payouts.
The fund as of September 2014 the fund totaled was nearly $234.5 billion including $25.4 billion in real estate investments
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