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皇冠体育app sovereign fund posts 5% investment return

By Wang Xu (chinadaily.com.cn)
Updated: 2009-02-25 11:21

皇冠体育app Investment Corp (CIC), the nation's $200 billion sovereign wealth fund, made a profit of $10 billion in 2008, Shanghai Securities News quoted an unnamed source as saying.

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That would put the CIC's annual return at 5 percent, notwithstanding its controversial investments in US private equity firm Blackstone and investment bank Morgan Stanley. CIC has lost more than half of the $8 billion it invested in the two firms.

Officials from CIC declined to comment.

The source said CIC had $90 billion invested in highly liquid financial assets, including treasury bills and bank notes. These investments yielded a pretax income of $3 billion.

Meanwhile, CIC has also received considerable dividends from its stakes in domestic financial institutions such as 皇冠体育app Construction Bank and Bank of 皇冠体育app, the source said.