China Investment Corp, the country’s main sovereign wealth fund, has established its first business unit outside mainland China in Hong Kong as it prepares to expand its in-house operations and take more direct control over its investments.
CIC’s new subsidiary, CIC International (Hong Kong) Co, has already established an office in Citic Tower in central Hong Kong and has appointed Lawrence Lau, a prominent Hong Kong economics professor and former member of CIC’s international advisory council, as its chairman.
The fund is planning a formal opening ceremony for the new office in the next few weeks.
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