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CIC's 09 investment return over $10b

(Agencies)
Updated: 2010-03-08 09:36
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SHANGHAI - China's $300 billion sovereign wealth fund, made an unaudited return of more than $10 billion last year on its foreign investments, the China Business News said on Monday.

"In 2009, CIC's unaudited paper profit on overseas investments exceeded $10 billion, and not just $10.1 billion or $10.2 billion," the newspaper quoted an unnamed company executive as saying.

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CIC's return on overseas investment projects could therefore exceed 10 percent for last year, compared with negative 2.1 percent in 2008, the newspaper added.

Jesse Wang, executive vice president and chief risk officer at CIC, said last week that the country's sovereign wealth fund completed most of its investments in 2009, leaving relatively little cash on hand.

Wang also described the fund's overseas investment performance as very good last year.
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