GIC shifts to 'niche' real estate deals in China amid oversupply

SINGAPORE -- Singapore's sovereign wealth fund GIC is shifting the focus of its investment team in China to look for newer "niche opportunities," a senior executive told Nikkei Asia, as the region's largest economy is expected to take longer to transform itself into a new economic model.

Jeffrey Jaensubhakij, chief investment officer, said that China, whose real estate market contributes to nearly a third of its economy, has "come to the end of its growth model" that relied on infrastructure and property construction.