China Development Bank chief says time is ripe for resource purchases

Funds backed by state policy lender China Development Bank are taking advantage of a collapse in commodity prices by buying energy and mineral assets overseas in a bid to secure resources, Bloomberg reported, citing the bank’s chief investment officer, Fan Haibin. Fan said CDB isn’t making the acquisitions directly, but is also providing large loans for some companies’ deals, though he didn’t provide data on his bank’s spending on overseas acquisitions. “The world economy remains in a trough, and some of the asset prices are very good,” Fan said without elaborating. “The timing for acquisitions is very good.”