TORONTO - The Canada Pension Plan Investment Board is partnering with residential developer China Vanke Co. Ltd. to invest US$250 million in the Chinese residential market.
The agreement, which pairs one of Canada's biggest pension funds with the largest residential developer in China, will be dedicated to new residential development projects in large cities across the country.
Vanke will handle sourcing the projects, which will begin with one in China's Shandong province, CPPIB said Tuesday.
Vanke had revenues of more than US$22 billion in 2013, and has developments in 65 cities across China.
CPPIB has C$23.4 billion of investments in Asia, which represents 11.6 per cent of its total portfolio.
Note to readers: This is a corrected story. An earlier version incorrectly referred to CPPIB's total investments in China.