Singapore GIC says to explore China market

23 Feb 08

The Government of Singapore Investment Corp (GIC) is actively seeking investment opportunities in China, especially in infrastructure and the restructuring of state firms, a senior official of its private equity arm said on Friday.

Liu Dong, head of Greater China operations at GIC Special Investments Pte Ltd, said it was also interested in private equity opportunities in China’s poorer inland provinces.

“China is now a very important destination for GIC, and we will act as long-term investors to help Chinese firms to grow,” Liu said.

He was speaking at a ceremony to mark GIC SI’s investment of $30 million in Tonsun Foods Co Ltd, a leading peanut processor in China.

Liu also said GIC, after reaping hefty returns from a stake in China Ping An Insurance, was very interested in investing in more Chinese insurance firms. He did not elaborate.

GIC Special Investments has active relationships with over 100 international fund managers and has invested in more than 2,000 companies covering a diversified range of industries.

It started investing in China in 1995 and has taken stakes in leading companies such as China Mobile Ltd and Industrial and Commercial Bank of China.

GIC was set up in 1981 to manage Singapore’s foreign reserves.

Reporting by Eadie Chen; Editing by Alan Wheatley/Rory Channing

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