Norway's $1.4 Trillion Wealth Fund Closes Shanghai Office, Shifts Operations to Singapore Amid China Investment Uncertainty
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Norway's $1.4 trillion sovereign wealth fund is closing its Shanghai office and shifting operations to its Singapore hub.
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The fund is the world's largest equity investor, with $42B in Chinese companies. Closure is for "operational" reasons.
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Part of a trend of international investors reducing China exposure over business uncertainty.
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Fund opened Shanghai office in 2007 as its first in Asia, later adding Singapore in 2010.
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Fund gained 10% return in H1 2022, totaling $143B, but hurt by losses in real estate and renewables.