Canada’s second-largest pension fund, the Quebec Deposit Control Authority (CDPQ), will halt private transactions in China and close its Shanghai office later this year, the Financial Times reported Thursday, citing people familiar with the matter.
CDPQ is currently leading regional investment efforts from Singapore, adding that it still has business interests in China, the report said.
“We have already paused private investment for some time and have focused on liquid markets, which represent the majority of our total 2% portfolio exposure to China,” the CDPQ told the paper. We expect it to continue,” he said in a statement.
CDPQ did not respond to Reuters’ request for comment.
The Financial Times reported in February that Singapore’s sovereign wealth fund GIC cut private investment in China. Ontario Teachers’ Pension Plan (OTPP), Canada’s third-largest pension fund, also closed its Hong Kong-based China equity investment team in early April.