CalPERS today said it's investing $530 million in office buildings and shopping malls in China and elsewhere in Asia.
The California Public Employees' Retirement System said it's putting the money into a pair of funds operated by ARA Asset Management, an Asian real estate investment company. CalPERS has been investing with ARA since 2007.
Although numerous economists say China's economy is slowing down, CalPERS officials said they still see great potential in the country.
"Income growth and urbanization remain the key themes for growth in Chinag. China's office and retail sectors offer stable rental income and potential for capital value growth," said Joe Dear, the pension fund's chief investment officer, in a press release.
CalPERS' first investment with ARA earned annual returns of 8.4 percent the past three years. It earned 19.2 percent in the 12 months ending March 31.
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