China Investment Corp, the country’s main sovereign wealth fund, has teamed up with The Blackstone Group (BX) to buy a Japanese property loan portfolio from Morgan Stanley (MS) at a steep discount to its face value of $1.1 billion, according to sources familiar with the matter. CIC and Blackstone paid about 35 cents on the dollar for the portfolio, which includes both current and non-performing loans, sources said. CIC put up most of the money, they added. – FT
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