CIC eyes alternative investments in Hong Kong

China Investment Corp (CIC), the country’s sovereign wealth fund, will consider investing in Hong Kong assets such as private equity funds as part of its overall investment strategy, the South China Monrning Post reported. Wang Jianxi, CIC’s executive vice-president and chief risk officer, told reporters on the sidelines of the National People’s Congress that Hong Kong "assets, products and emerging markets" were all viable options for the fund. Wang also defended CIC’s decision to invest in US private equity firm Blackstone, saying Blackstone is "the best in the world," despite recent losses suffered in the wake of the subprime crisis. CIC may consider further investments in foreign firms hit by the subprime crisis "if good opportunities arise," Wang added.