Chinese government sovereign fund lead contender for 50% of Lendlease Retirement

Analysts quoted in the Fin Review identified China Investment Corp (CIC) as being ahead of the field of five contenders to invest in 50% of Lendlease’s retirement village business, with an expected result in November. CIC is the sovereign wealth fund responsible for managing part of the Chinese government’s foreign exchange reserves. It has $814 billion under its management. The other possible investors are the Canada Pension Plan Investment Board, Singapore’s sovereign wealth fund GIC, America’s Blackstone and a second Chinese group, private equity firm Cindat Capital Management. Lendlease wishes to retain management of its village portfolio.