Brookfield in talks to buy Shanghai property for US$2 billion even amid China-Canada spat after Meng Wanzhou’s arrest
- The US$2 billion deal could become the second-largest commercial property transaction in China by a foreign investor
Canadian companies continue to pursue deals in China notwithstanding the diplomatic spat between the two countries that has seen tit-for-tat arrests of each other’s citizens.
Two Canadians were imprisoned in China after Huawei’s chief financial officer Sabrina Meng Wanzhou was arrested by Canada on December 1 in response to an extradition request from the US.
Brookfield Asset Management, a Toronto-based alternative asset manager, is in talks to buy a commercial property site in Shanghai for around US$2 billion, Bloomberg reported on Wednesday, citing sources.
If the transaction goes ahead, it would be the second-biggest commercial property deal in China by a foreign firm after Singapore’s CapitaLand and the city state’s sovereign wealth fund GIC jointly splashed nearly 20 billion yuan (US$2.98 billion) in November 2018 for Shanghai’s tallest twin towers.
The Canada Pension Plan Investment Board (CPPIB), one of the world’s largest pension fund managers, is also eyeing investments in the country.