Calpers may buy China property

The biggest US pension fund, the California Employees' Retirement System, or Calpers, is considering investing in property in China where its own rules prevent investment in China's stock market, Reuters reported, citing Calpers officials. The fund has US$183bn in equity but only US$1.2bn invested in real estate outside the US. Calpers, seeing a peak in the US property market, is reducing the US segment of its US$22bn property portfolio by at least US$7.5bn, according to its senor real estate investment officer, Michael Cook. Over five years, it aims to raise the portion of its foreign property assets to as much as half of its total real estate investment.