Telling us what's up next:
Not only is China getting all the CLUNKERS for scrap, I guess real estate is up for grabs too.
China's CIC set to invest in U.S. mortgages
Mon Aug 17, 2009 10:53am EDT
Reuters
By George Chen, Asia Private Equity Correspondent
HONG KONG (Reuters) - China's $200 billion sovereign wealth fund, which lost big on its ill-timed 2007 Morgan Stanley and Blackstone bets, plans to invest up to $2 billion in U.S. mortgages as it eyes a property market rebound, two people with direct knowledge of the matter said Monday.
China Investment Corp plans to soon invest in U.S. taxpayer-subsidized investment funds that will acquire "toxic" mortgage-backed securities from the nation's banks. CIC believes these assets are a safer bet than buying into the U.S. Federal Reserve's Term Asset-Backed Securities Loan Facility (TALF), the people with direct knowledge said.
CIC is in talks with nine U.S. Treasury-designated Public-Private Investment Plan managers, the sources said.
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