CPPIB Commits $146M To Longfor Properties Joint Venture In Chongqing

Canada Pension Plan Investment Board (CPPIB) and Longfor Properties Co. Ltd. have entered into a second joint venture to invest in Chongqing West Paradise Walk shopping center in China.

As part of the joint venture, CPPIB will commit approximately C$193 million (US$146 million) for a 49% interest in the property.

Representing CPPIB's first retail mall investment in Chongqing, one of China's largest cities with a population of over 30 million, West Paradise Walk is a six-level shopping mall built in 2008.

CPPIB and Longfor established its first joint venture in 2014 with a mixed-use real estate project in Suzhou, which included the development of a Paradise Walk mall.

"We are pleased to extend our existing relationship with Longfor Properties through this joint venture in West Paradise Walk," says Jimmy Phua, head of Real Estat...

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