China sovereign fund may eye Hollywood: report

Source: AFP

China sovereign fund may eye Hollywood: report
(AFP) – 2 hours ago
BEIJING — China's 200-billion-dollar sovereign wealth fund may start investing in overseas media including Hollywood production houses, a report said Monday, citing sources close to the fund.

The China Investment Corporation's plan could give Beijing a direct stake in a variety of foreign media content "from South Korean television dramas and Japanese game shows to Hollywood blockbusters", the Times of London said.

The paper cited its sources as saying it had started talks with two American private equity groups that have strong media interests. "The talks are understood to have included at least one Hollywood film production company," the paper said.

.....The fund was set up to help China find more lucrative ways to place its massive foreign exchange reserves, which stand at 2.13 trillion dollars and are mainly in low-yield instruments such as US Treasury bonds.
http://www.google.com/hostednews/afp/article/ALeqM5gh1fPJ0uFOsC7Y4DrtjE8i7mMfFA

China's CIC to buy US mortgages, report
By George Chen of Reuters
3:06 PM, 17 Aug 2009
HONG KONG – China Investment Corp (CIC), the country's $US200 billion sovereign wealth fund, is set to pour up to $US2 billion into the US mortgage system by hiring mandates under the US Treasury-backed Public-Private Investment Plan (PPIP), sources told Reuters.

Under the PPIP program launched earlier this year, the US government plans to seed a number of public-private investment funds that would combine taxpayer money with private capital to buy as much as $US40 billion in toxic securities from banks. .....

.....CIC, established by the Chinese government in late 2007, is keen to participate in the PPIP as it expects the US property market to start to recover gradually late this year, said the sources.

http://www.businessspectator.com.au/bs.nsf/Article/EXCLUSIVE-Chinas-CIC-to-buy-US-mortgages--sources-UZ7NW?OpenDocument

Read more: http://www.google.com/hostednews/afp/article/ALeqM5gh1fPJ0uFOsC7Y4DrtjE8i7mMfFA

more important than Hollywood, IMHO.

that's all.