China govt fund pays bulk of US$1b for Tokyo landmark

Tokyo

CHINA'S sovereign wealth fund China Investment Corp (CIC) provided most of the capital for a more than US$1 billion purchase of Tokyo's landmark property Meguro Gajoen from Mori Trust Co, in China's largest investment in Japanese property, advisers said.

Earlier this week, LaSalle Investment Management, a property investment manager, said a fund it arranged bought Meguro Gajoen with money from a sovereign wealth fund, which it declined to name.