Thursday, March 06, 2008

SDIC eyes overseas investment

The State Development and Investment Corp (SDIC), a state-owned investment holding giant on Tuesday said it will avert its focus on investments in overseas market and financial sector in the next five years despite CIC, the Chinese sovereign wealth fund has suffered bid losses in off-shore deals due to the U.S. subprime mortgage crisis.

SDIC plans to invest RMB 7 billion (about US$980 million) this year in overseas infrastructure construction and resources-fueled industries in which it owns rich operation experience at home in fears of high risks, Wang Huisheng, general manager of SDIC revealed.

It will raise the investment share in financial sector to 20% from current 10%, Wang said, adding that commercial banks, trust funds, futures, etc. are all included in its future investment plan.

The company founded in 1995 has a combined investment of up to RMB 150 billion, all allocated to domestic markets and 90% of them were used for low-risk infrastructure construction and resources-fueled industries.

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