04.01.2016 - China Investment Corp. shifts investment focus from Canada to U.S.
China Investment Corp., a sovereign wealth fund with a mandate to invest mainland China's reserves overseas, has shut its Toronto office and established a new North American base in New York. The state-owned company has been in Toronto for the last five years, but its investments, many of them in the energy sector, have plunged as commodity prices fell. Reuters estimates it invested $4.5 billion US in Canada. CIC invested billions in oilsands companies, including Athabasca Oil Corp., Penn West Petroleum Ltd., Sunshine Oil Sands Ltd. and MEG Energy Corp., all of which have seen stock prices fall this year...............................................Full Article: Source
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