China poised to buy chunk of Timberlands

China Investment Corp. (CIC) may be close to purchasing a sizeable chunk of Island Timberlands

China Investment Corp. (CIC) may be close to purchasing a sizeable chunk of Island Timberlands which owns about 260,000 hectares of private forest lands on Vancouver Island and the Sunshine Coast.

In November, the Wall Street Journal reported that CIC “is close to purchasing a 12.5 per cent stake in some timber assets in Canada from an infrastructure affiliate of Brookfield Asset Management Inc. for about $100 million.

The move marks the latest effort by the Chinese sovereign wealth fund to step up its investment in assets that could help shield its giant overseas portfolio from rising inflation risks,” the business newspaper reported.

Island Timberlands’ parent company is Brookfield Asset Management (BAM). The giant Wall Street-based conglomerate says Timberlands “is focused on growing and harvesting high quality timber and other forest products for a broad customer base primarily located in Asia and North America.”

Timberlands is also a large exporter of raw, unprocessed logs to foreign mills in the USA and Asia.

CIC is a wholly state-owned company under the Company Law of the People’s Republic of China and is headquartered in Beijing. CIC was established in 2007 and has acquired approximately $200 billion of China’s foreign exchange reserves that have formed the foundation of its registered capital.

Just Posted

Authorities mull evacuation order for Zeballos

By David Gordon Koch Campbell River Mirror Smoke billowed from the steep… Continue reading

Cambridge appointed Interim Superintendent of Campbell River School District

Temporary CEO comes from Sooke where he spent 37 years, including nine as superintendent

Firefighters “beat down” flames outside of Zeballos

Tiny coastal village on edge following evacuation alert

East Zeballos placed under evacuation alert as “out of control” wildfire approaches homes

BC Wildfire Service says rolling debris on steep terrain poses danger to firefighters

City of Campbell River settles on $250 as fine for contravening invasive species bylaw

Bylaw won’t be ‘proactively’ enforced, but will instead rely on complaints from the public

PHOTOS: B.C. city wakes up to darkness under wildfire smoke

The rest of the province also dealing with thick haze as smoky skies continue

Safeway union urgest rejection of mediator recommendations

Says mediator asks for too many concessions

Fire chases B.C. crews out of their own camp

Crews in Burns Lake had to leave after a wildfire reportedly overtook their sleeping quarters

To address peacock problem, B.C. city moves ahead on trapping plan

Surrey’s new bylaw focuses on ensuring people no longer feed the birds, ahead of relocation

Hospitals to see ‘delays’ in care after losing Saudi students, health group says

About 1,000 Saudi residents called back to kingdom after suspending diplomatic relations with Canada

Bernier diatribe against ‘extreme multiculturalism’ boosts Liberal coffers

Party spokesperson Braeden Caley says online donations doubled, social media engagement quadrupled

‘Disjointed’ system hinders British Columbia First Nations in wildfire fight

More than 550 wildfires were burning in B.C. and crews were bracing for wind and dry lightning

Castlegar bridge designed by architect of collapsed Italian bridge

Riccardo Morandi designed the Kinnaird Bridge, which is part of Highway 3.

Federal government announces over $115 million to Royal Canadian Navy

Defence Minister Harjit S. Sajjan was at Victoria’s CFB Esquimalt to announce missile system upgrades

Most Read