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拥3000亿美元资金的中国主权财富基金中投公司(CIC)在两天时间里接连出手，扩大在自然资源领域的投资。该公司向印尼最大的热煤生产商PT Bumi Resources投资了19亿美元，收购后者发行的债券型工具。Bumi周三宣布了此项交易。而就在此前一天，中投同意斥资8.5亿美元收购香港大宗商品贸易商来宝集团(Noble Group Ltd.) 15%的股权。
再算上7月初中投为收购加拿大矿企泰克资源公司(Tech Resources Ltd.)所投资的15亿美元，中投在大约十周的时间里共计在资源领域投资了42.5亿美元，这凸现出能源、金属以及农产品正日益在中投的投资策略占据中心地位。
知情人士表示，中投还在考虑投资蒙古的一家铁矿石企业。
中投的资源投资可谓一石两鸟。第一，上述投资符合中国确保自然资源安全供应的长期战略利益。随着商品价格下滑，中国官员今年已安排国有企业收购海外的矿产以及石油资产。与中国国有企业不同的是，中投避免在所投资公司中持有多数股权，而是倾向于少量持股。
第二，全球经济复苏在望，这些投资从总体上符合中投意图赶上经济上行潮流的种种努力。在大宗商品的价格前景方面，中国快速城市化进程引发的需求是一个重要的影响因素。
中投的监事长金立群上个月在接受采访时表示，随着市场的好转，中投公司和其他主权财富基金有很多机会。"现金为王"将变成"资本为王"，不过他指出，作为一个长线投资者，中投公司将继续保持平衡的投资组合。
中投还在资源领域之外进行了投资，所投资行业似乎都能够从全球经济复苏中得益，特别是地产业。近日中投宣布小规模持股几家中国地产开发企业，它还参与了一个救助伦敦商业区Canary Wharf大股东的财团；并投资了一只澳大利亚地产信托基金。摩根大通(J.P. Morgan Chase & Co.)中国分析师预计中投今年将在收购交易上投资500亿美元之巨。
在2007年参股百仕通集团(Blackstone Group L.P.)和摩根士丹利(Morgan Stanley)的中投曾因投资时机选择不当而遭到长时间炮轰，而现在它似乎时来运转了。
中投董事长楼继伟不久前说，如果取得良好的回报，中国政府可能向中投追加资金。去年，这只主权财富基金的表现超过了许多大型主权财富基金和退休基金，其全球资产组合因主要持有现金而仅亏损了2.1%。
中国在中投上的良好体验鼓励其提出了设立主权财富基金解决全球失衡问题的建议。中国央行副行长胡晓炼在周二发表的报告中说，20国集团应考虑建立一只"超主权财富基金"，将部分经常项目盈余投资到贫穷国家。这样的话，这些国家就可以充当全球经济复苏和增长的新引擎。
印尼是全球发电用热煤的最大出口国，Bumi Resources则是产量最大的开采商之一，在婆罗洲岛拥有两座高产煤矿。
今年早些时候，印尼公司Bakrie & Brothers的发言人说，正考虑与希望获得长期热煤供应的中国投资者结成战略联盟。这家公司持有大量Bumi Resources的股份。
2007年，印度Tata Steel Ltd.以13亿美元收购了Bumi Resources旗下两座煤矿30%的股权，主要是给印度西部新建的一座大型燃煤电站提供热煤。
自一年前全球危机爆发以来，Bakrie & Brothers一直被一笔13亿美元的债务重组交易所困。该公司持有略高于20%的Bumi Resources股份，同时还有棕榈油和天然气等项目的投资。Bakrie & Brothers由印尼福利统筹部长巴克里(Aburizal Bakrie)的家族控制，巴克里是一位有影响的政治家，同总统苏西洛(Susilo Bambang Yudhoyono)关系密切。Bakrie & Brothers曾表示要以在Bumi Resources和其他公司中的股权作为抵押品筹集资金。随着全球次贷危机造成股价暴跌，它也难以凭借抵押品筹集到足够的资金。
为了完成债务重组，Bakrie & Brothers一直在出售Bumi Resources等公司的股份。今年6月，印尼资本市场监管机构裁决，Bumi为与巴克里家族有关的煤炭资产支付了不公平的高价，这项交易也是债务重组的一部分。监管机构没有对该公司采取行动，Bumi后来减少了出资额，以遵守监管机构的裁决。
Bumi在声明中说，对Bumi Resources的投资将使中投获得12%的年现金息票利率，总的内部回报率为19%。Bumi称，这项债券型工具的期限为6年。
Rick Carew
（更新完成）
知情人士表示，中投还在考虑投资蒙古的一家铁矿石企业。
中投的资源投资可谓一石两鸟。第一，上述投资符合中国确保自然资源安全供应的长期战略利益。随着商品价格下滑，中国官员今年已安排国有企业收购海外的矿产以及石油资产。与中国国有企业不同的是，中投避免在所投资公司中持有多数股权，而是倾向于少量持股。
第二，全球经济复苏在望，这些投资从总体上符合中投意图赶上经济上行潮流的种种努力。在大宗商品的价格前景方面，中国快速城市化进程引发的需求是一个重要的影响因素。
中投的监事长金立群上个月在接受采访时表示，随着市场的好转，中投公司和其他主权财富基金有很多机会。"现金为王"将变成"资本为王"，不过他指出，作为一个长线投资者，中投公司将继续保持平衡的投资组合。
中投还在资源领域之外进行了投资，所投资行业似乎都能够从全球经济复苏中得益，特别是地产业。近日中投宣布小规模持股几家中国地产开发企业，它还参与了一个救助伦敦商业区Canary Wharf大股东的财团；并投资了一只澳大利亚地产信托基金。摩根大通(J.P. Morgan Chase & Co.)中国分析师预计中投今年将在收购交易上投资500亿美元之巨。
在2007年参股百仕通集团(Blackstone Group L.P.)和摩根士丹利(Morgan Stanley)的中投曾因投资时机选择不当而遭到长时间炮轰，而现在它似乎时来运转了。
中投董事长楼继伟不久前说，如果取得良好的回报，中国政府可能向中投追加资金。去年，这只主权财富基金的表现超过了许多大型主权财富基金和退休基金，其全球资产组合因主要持有现金而仅亏损了2.1%。
中国在中投上的良好体验鼓励其提出了设立主权财富基金解决全球失衡问题的建议。中国央行副行长胡晓炼在周二发表的报告中说，20国集团应考虑建立一只"超主权财富基金"，将部分经常项目盈余投资到贫穷国家。这样的话，这些国家就可以充当全球经济复苏和增长的新引擎。
印尼是全球发电用热煤的最大出口国，Bumi Resources则是产量最大的开采商之一，在婆罗洲岛拥有两座高产煤矿。
今年早些时候，印尼公司Bakrie & Brothers的发言人说，正考虑与希望获得长期热煤供应的中国投资者结成战略联盟。这家公司持有大量Bumi Resources的股份。
2007年，印度Tata Steel Ltd.以13亿美元收购了Bumi Resources旗下两座煤矿30%的股权，主要是给印度西部新建的一座大型燃煤电站提供热煤。
自一年前全球危机爆发以来，Bakrie & Brothers一直被一笔13亿美元的债务重组交易所困。该公司持有略高于20%的Bumi Resources股份，同时还有棕榈油和天然气等项目的投资。Bakrie & Brothers由印尼福利统筹部长巴克里(Aburizal Bakrie)的家族控制，巴克里是一位有影响的政治家，同总统苏西洛(Susilo Bambang Yudhoyono)关系密切。Bakrie & Brothers曾表示要以在Bumi Resources和其他公司中的股权作为抵押品筹集资金。随着全球次贷危机造成股价暴跌，它也难以凭借抵押品筹集到足够的资金。
为了完成债务重组，Bakrie & Brothers一直在出售Bumi Resources等公司的股份。今年6月，印尼资本市场监管机构裁决，Bumi为与巴克里家族有关的煤炭资产支付了不公平的高价，这项交易也是债务重组的一部分。监管机构没有对该公司采取行动，Bumi后来减少了出资额，以遵守监管机构的裁决。
Bumi在声明中说，对Bumi Resources的投资将使中投获得12%的年现金息票利率，总的内部回报率为19%。Bumi称，这项债券型工具的期限为6年。
Rick Carew
（更新完成）
China's $300 billion sovereign-wealth fund, expanding its position in natural resources for the second time in two days, is investing $1.9 billion to purchase 'debt-like' instruments issued by Indonesia's largest thermal-coal producer, PT Bumi Resources.
The Indonesian deal, announced by Bumi on Wednesday, comes a day after China Investment Corp. agreed to buy a 15% stake in Hong Kong-based commodities trader Noble Group Ltd. for $850 million.
Together with a $1.5 billion investment in Canadian miner Tech Resources Ltd. in early July, CIC has spent $4.25 billion on resource deals in about 10 weeks, a sign of how energy, metals and agricultural commodities are proving increasingly central to the Chinese state fund's investment strategy.
People familiar with the situation say CIC also is considering investments in a Mongolian iron-ore company.
CIC's resource plays serve a twofold purpose. First, they dovetail with China's long-term strategic interest in securing access to natural resources. Chinese officials have pushed state-owned firms to buy overseas mining and oil assets this year as commodity prices dropped. More than China's state firms, CIC has avoided taking majority stakes in companies, preferring minority holdings.
Second, they fit broadly into the the fund's efforts to capture the potential upside from a global economic rebound. Chinese demand to build its rapidly urbanizing cities looms large in the outlook for commodity prices.
'As the market turns around, there are lots of opportunities for CIC and other sovereign-wealth funds,' CIC's supervisory board chairman, Jin Liqun, said in an interview last month. ''Cash is king' will turn into 'capital is king,'' though he noted that 'as a long-term investor, CIC will continue to keep a balanced portfolio.'
CIC has made other bets beyond resources that seem leveraged to a global rebound, particularly in the real-estate sector. In recent days, it has taken small stakes in Chinese real-estate developers. It also has helped bail out the company behind London's Canary Wharf property development, and bought into an Australian real-estate trust. China analysts at J.P. Morgan Chase & Co. estimate CIC could put as much as $50 billion into deals this year.
The tide seems to be turning for CIC after it endured criticism over its bad timing on the purchase of stakes in Blackstone Group LP and Morgan Stanley in 2007.
Chairman Lou Jiwei said recently that China's government might add to the $200 billion it gave CIC to manage if it posts good returns. Last year, the sovereign-wealth fund outperformed many big sovereign-wealth and pension funds, losing just 2.1% on its global portfolio by staying mostly in cash.
China's positive experience with CIC is encouraging it to propose a sovereign-wealth fund to solve global imbalances. Chinese central bank vice governor Hu Xiaolian said in a paper released Tuesday that the Group of 20 should consider setting up a 'supra-sovereign-wealth investment fund' that would invest some of the surplus in poor countries 'so that these countries can serve as new engines in global recovery and growth.'
Indonesia is the world's largest exporter of thermal coal used for generating power, and Bumi Resources is one of the biggest producers with two highly productive mines on Borneo island.
Earlier this year, a spokesman for Bakrie & Brothers, an Indonesian company that holds a large stake in Bumi Resources, said the company was considering a strategic tie-up with Chinese investors who were looking to secure long-term supplies of coal for generating electricity.
In 2007, Tata Steel Ltd. of India paid $1.3 billion to take a 30% stake in two coal mines owned by Bumi Resources, largely to fuel a massive new coal-fired power station in western India.
Bakrie & Brothers, which has just over a 20% stake in Bumi Resources and other investments in palm oil and natural gas, has been troubled by a $1.3 billion debt restructuring since the onset of the global recession a year ago. The company, which is controlled by the family of Aburizal Bakrie, Indonesia's welfare minister and an influential politician with the ear of president Susilo Bambang Yudhoyono, had pledged its holdings in Bumi Resources and other companies as collateral to raise funds. When share prices collapsed amid the global subprime crisis, it was unable to top up its collateral.
As part of its debt workout, Bakrie and Brothers has been selling down stakes in companies, including Bumi Resources. In June, Indonesia's capital markets regulator ruled that Bumi was paying an unfairly high price for a coal asset linked to the Bakrie family, a deal that was part of the debt restructuring. The regulator took no action against the company, and Bumi later reduced the size of its stake to comply with the regulator's ruling.
The investment in Indonesia's Bumi Resources will offer CIC a 12% annual cash coupon with an internal rate of return of 19%, Bumi said in a statement. The debt-like instrument will have a six-year term, Bumi said.
Rick Carew
The Indonesian deal, announced by Bumi on Wednesday, comes a day after China Investment Corp. agreed to buy a 15% stake in Hong Kong-based commodities trader Noble Group Ltd. for $850 million.
Together with a $1.5 billion investment in Canadian miner Tech Resources Ltd. in early July, CIC has spent $4.25 billion on resource deals in about 10 weeks, a sign of how energy, metals and agricultural commodities are proving increasingly central to the Chinese state fund's investment strategy.
People familiar with the situation say CIC also is considering investments in a Mongolian iron-ore company.
CIC's resource plays serve a twofold purpose. First, they dovetail with China's long-term strategic interest in securing access to natural resources. Chinese officials have pushed state-owned firms to buy overseas mining and oil assets this year as commodity prices dropped. More than China's state firms, CIC has avoided taking majority stakes in companies, preferring minority holdings.
Second, they fit broadly into the the fund's efforts to capture the potential upside from a global economic rebound. Chinese demand to build its rapidly urbanizing cities looms large in the outlook for commodity prices.
'As the market turns around, there are lots of opportunities for CIC and other sovereign-wealth funds,' CIC's supervisory board chairman, Jin Liqun, said in an interview last month. ''Cash is king' will turn into 'capital is king,'' though he noted that 'as a long-term investor, CIC will continue to keep a balanced portfolio.'
CIC has made other bets beyond resources that seem leveraged to a global rebound, particularly in the real-estate sector. In recent days, it has taken small stakes in Chinese real-estate developers. It also has helped bail out the company behind London's Canary Wharf property development, and bought into an Australian real-estate trust. China analysts at J.P. Morgan Chase & Co. estimate CIC could put as much as $50 billion into deals this year.
The tide seems to be turning for CIC after it endured criticism over its bad timing on the purchase of stakes in Blackstone Group LP and Morgan Stanley in 2007.
Chairman Lou Jiwei said recently that China's government might add to the $200 billion it gave CIC to manage if it posts good returns. Last year, the sovereign-wealth fund outperformed many big sovereign-wealth and pension funds, losing just 2.1% on its global portfolio by staying mostly in cash.
China's positive experience with CIC is encouraging it to propose a sovereign-wealth fund to solve global imbalances. Chinese central bank vice governor Hu Xiaolian said in a paper released Tuesday that the Group of 20 should consider setting up a 'supra-sovereign-wealth investment fund' that would invest some of the surplus in poor countries 'so that these countries can serve as new engines in global recovery and growth.'
Indonesia is the world's largest exporter of thermal coal used for generating power, and Bumi Resources is one of the biggest producers with two highly productive mines on Borneo island.
Earlier this year, a spokesman for Bakrie & Brothers, an Indonesian company that holds a large stake in Bumi Resources, said the company was considering a strategic tie-up with Chinese investors who were looking to secure long-term supplies of coal for generating electricity.
In 2007, Tata Steel Ltd. of India paid $1.3 billion to take a 30% stake in two coal mines owned by Bumi Resources, largely to fuel a massive new coal-fired power station in western India.
Bakrie & Brothers, which has just over a 20% stake in Bumi Resources and other investments in palm oil and natural gas, has been troubled by a $1.3 billion debt restructuring since the onset of the global recession a year ago. The company, which is controlled by the family of Aburizal Bakrie, Indonesia's welfare minister and an influential politician with the ear of president Susilo Bambang Yudhoyono, had pledged its holdings in Bumi Resources and other companies as collateral to raise funds. When share prices collapsed amid the global subprime crisis, it was unable to top up its collateral.
As part of its debt workout, Bakrie and Brothers has been selling down stakes in companies, including Bumi Resources. In June, Indonesia's capital markets regulator ruled that Bumi was paying an unfairly high price for a coal asset linked to the Bakrie family, a deal that was part of the debt restructuring. The regulator took no action against the company, and Bumi later reduced the size of its stake to comply with the regulator's ruling.
The investment in Indonesia's Bumi Resources will offer CIC a 12% annual cash coupon with an internal rate of return of 19%, Bumi said in a statement. The debt-like instrument will have a six-year term, Bumi said.
Rick Carew
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