Manufacturing News

China's CIC says wary of investing in "old" automakers

China Investment Corp (CIC), China's $300 billion sovereign wealth fund, "has doubts" about investing in old line automakers, the fund's general manager said on Friday.

CIC was approached by a number of car makers during the financial crisis, including some major ones, about possible investments, said Gao Xiqing, speaking at an automotive forum in Chengdu, China. He did not name the companies.

The fund invested $58 billion overseas last year, after sitting on a large cash pile in 2008.

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