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After a string of bad investments, China Investment Corp. (CIC) has shut down its Toronto office and is opening a new one in New York, part of a quiet retreat from Canadian natural resources by China’s state-controlled entities.

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As May 19th, 2015 approached, China Investment Corp. was faced with a scenario that every pension or sovereign wealth fund dreads: whether to allow one of its key investments to live or die

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The decision ends a five-year presence by China’s sovereign wealth fund in the city, picked for its first and only overseas office to monitor investments in Canada’s mining and oil and gas sectors, a top Chinese priority when they were made.

But with commodity prices tanking, partly because of slowing growth in China, and CIC’s Canadian buying spree long over, it is opening a new base in New York in the new year as part of a change in investment strategy, a source confirmed.