Investment return falls for CIC
Print Edition
CHINA Investment Corp, the sovereign wealth fund worth US$740 billion, said yesterday that the return on its overseas investments fell for a second year on a stronger US dollar and weaker commodity prices.
The return of the fund’s overseas investment declined to 5.47 percent from 9.33 percent a year earlier. This poor performance led the cumulative annualized rate of return falling to 5.66 percent from 5.7 percent last year, according to Beijing-based CIC’s annual report released yesterday.
“The global economy recovered at a slower speed than expected in 2014,” CIC Chairman Ding Xuedong said in the report.
“Against this backdrop, yields of major financial assets slid and commodity prices tumbled,” he said.
Net income at CIC, which also holds government stakes in China’s biggest banks, rose 2.5 percent to US$89.1 billion.
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