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According to recent reports, the Hong Kong Monetary Authority is planning to buy $500 million worth of commercial real estate property in London and Paris. Earlier this year, its CEO said that investments in overseas properties would be made in order to boost investment returns, according to the South China Morning Post. So far the HKMA has remained silent.
"We do not comment on the specifics of the investment operations of the Exchange Fund because of the market-sensitive nature of the information," a spokesperson for the HKMA told the New York Times.
The HKMA manages the HK$2.43 trillion Exchange Fund, which is the city's reserve made up of the fiscal surplus used to support the Hong Kong dollar's peg to the U.S. dollar, Reuters reports. Local legislators have complained that the returns are too low, leading to a renewed approach to investing.
The fund lost HK$75 billion during the 2008 financial crisis and has been attempting to recoup those losses ever since.
