CPP Investments, Canada's biggest pension fund, has laid off at least five investment professionals at its Hong Kong office as it steps back from deals in China, three people with knowledge of the matter said. They added that a managing director who was in charge of the firm's Greater China real estate portfolio had been told he was losing his position weeks earlier. The fund has paused new investments in China, including direct investments as well as those in China-focused fund managers, discouraged by the country's faltering economic recovery and tensions with the West, said the people.
FILE PHOTO: The Chinese national flag is seen in front of the financial district Central on the Chinese National Day in Hong KongHONG KONG - CPP Investments, Canada's biggest pension fund, has laid off at least five investment professionals at its Hong Kong office as it steps back from deals in China, three people with knowledge of the matter said.
The fund has paused new investments in China, including direct investments as well as those in China-focused fund managers, discouraged by the country's faltering economic recovery and tensions with the West, said the people.CPP, which employs more than 150 people in Hong Kong, its Asia hub, declined to comment.
U.S. Commerce Secretary Gina Raimondo noted during her China visit this week that U.S. companies have complained that China has become uninvestable, pointing to fines, raids and other actions that have made doing business in China risky.The Ontario Teachers' Pension Plan closed down its China equity investment team based in Hong Kong in April, Reuters has reported.
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