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Alibaba and Chinese Government Acquire Strategic Stake in World’s Largest Cinema Operator

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Chinese conglomerate Dalian Wanda Group Co Ltd sold a 12.77% stake in its Shenzhen-listed Wanda Film Holdings unit to e-commerce giant Alibaba and state-owned Cultural Investment Holdings Limited (CIH) for 7.8 billion CNY (US$ 1.24 billion), bringing on the pair as the second and third largest shareholders in the world’s largest cinema operator. CIH, also known as Wentou Holdings, is a Shanghai-listed entertainment company controlled by the Cultural Assets Supervision and Administration Office of Beijing. Zhou Maofei is Director of the Cultural Assets Supervision and Administration Office of Beijing and Secretary of the Communist Party of China Leading Group.

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According to a securities filing released on February 5, 2019, Alibaba will acquire a 7.66% interest in the company through its subsidiary, Hangzhou Zhenxi Investment Management Company, while CIH will take on a 5.11% stake, leaving Wanda Group a controlling interest of 48.09%. Alibaba will leverage its strengths in big data, technology, and online ticket sales – as well as its collection of IP-producing media and entertainment assets – to collaborate with Wanda Film in the areas of film distribution, marketing, and related businesses, while CIH will lend its expertise in driving cultural tourism opportunities, according to a press release.

CIH has its origins as an auto parts company back in the 1990s, eventually moving into film by 2016. CIH spent US$ 187 million for a 75% stake in Framestore, a U.K.-based visual effects studio, which worked on movies such as The Martian, Harry Potter, Gravity and The Dark Knight.

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MAS Seeks to Commit $5 Billion to Private Equity and Infrastructure Managers

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From U.S. pension funds to asset-heavy sovereign wealth funds, Singapore is calculating that more institutional investor assets globally are being committed to the Asia region. The Monetary Authority of Singapore (MAS), Singapore’s central bank, signaled and planned to commit US$ 5 billion with locally-based fund managers who will invest in private enterprises and infrastructure projects. The beneficiaries of the mandates will be private equity and infrastructure fund managers. MAS is seeking to lure top global asset managers to Singapore and firms that have a significant footprint in Singapore could be eligible for the funds. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Ivanhoe Cambridge Acquires Cap Ampere Campus from Natixis

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In one of the largest transactions in the French office sector, Ivanhoé Cambridge, real estate subsidiary of Caisse de dépôt et placement du Québec (CDPQ), has acquired a 90,000 square meter office-building campus from Natixis, in the Greater Paris area of Saint-Denis Pleyel. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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GIC Supports CapitaLand Shanghai Investment on Haimen Road

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GIC Private Limited, Singapore’s sovereign wealth fund, has entered into a 50:50 joint venture with Raffles City China Investment Partners III (RCCIP III), a fund controlled by CapitaLand. The joint venture is acquiring Shanghai’s tallest twin towers for an aggregate consideration of RMB 12.8 billion (US$ 1.84 billion). The property is located in Shanghai’s core Central Business District.

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