Canberra has approved the acquisition of an additional stake in the 44-story Grosvenor Place, an iconic Sydney office building, by China’s sovereign wealth fund, China Investment Corporation (CIC), reported South China Morning Post.
CIC agreed to buy a 75 percent stake for A$925 million ($696 million) in November last year, but it had to wait for approval from Australia’s Foreign Investment Review Board (FIRB).
