11 December 2018

Toronto property firm bets big on China, WSJ says

Toronto-based real estate company Brookfield Asset Management plans to expand its portfolio of commercial space in China, despite fears of a glut in the market, the Wall Street Journal reported Tuesday. In January the company completed a deal to buy close to a 22 percent stake in a unit of property developer Shui On Land Ltd. (00272.HK), which built the popular Xintiandi commercial complex in Shanghai, the report said. Brookfield’s first venture in the country will allow it to tap into Shui On’s local insights and ultimately yield at least 15 percent on equity, chief executive Bruce Flatt was quoted as saying.

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