China's sovereign wealth fund has invested about half its $110bn in available capital in overseas stocks, mining, energy and real estate, earning returns that have been “not bad” returns so far, the head of the fund said yesterday.
But Lou Jiwei, chairman of China Investment Corp, warned that a “small bubble” has already formed in global asset prices and said the fund was focused on investments in commodities-related assets and real estate as a hedge against inflation and currency depreciation.
“Our returns at the moment are not bad,” Mr Lou told a conference in Beijing. “But I dare not say they will be good by the end of the year.”
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