The Canada Pension Plan Investment Board (CPPIB) announced that it will sell its 49% stake in four real estate joint venture projects in collaboration with LONGFOR GROUP (00960.HK) to an affiliated company of Dajia Insurance Group, with net proceeds from the trade expected to reach 0.235 billion Canadian dollars, with no price disclosed.

The aforementioned projects are located in Shanghai, Suzhou, Chengdu, and Chongqing, and are all part of LONGFOR's "Tianjie" retail malls, office buildings, and rental housing complexes. According to records, CPPIB invested 0.234 billion Canadian dollars in December 2014 to establish a joint venture with LONGFOR to jointly develop the Suzhou Times Tianjie project, and subsequently further collaborated on the development of Chongqing West Tianjie, Chengdu Fancheng Binjiang Tianjie, and Shanghai Zhuanqiao Minhang Tianjie projects. Both parties also jointly established a Long Term Rentals investment platform in 2018, with an initial investment exceeding 0.8 billion US dollars.