Within a major thrust into the battered U.S. commercial real-estate market, China's $300 billion sovereign-wealth finance is in advanced talks with Harvard University's donation to buy its bets in half a dozen U.S.-focused real-estate funds for about $500 million, according to people recognizable with the matter.The contract would go after commitments that China Investment Corp., or CIC, has made to invest $1 billion in funds managed by Brookfield Asset Management, headquartered in together Toronto and New York, and $1 billion to foundation stone Real Estate Advisers, of Hartford, Conn., populace with knowledge of the situation say. Representatives at CIC, Harvard, Brookfield and Cornerstone declined to remark.
The contracts reflect a broader push by CIC to deploy its capital after staying mainly on the sidelines amid the worldwide financial crises. By means of more capital available than any other investor in the world, CIC has greater than before the proportion of assets allocated to higher-risk assets.
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