Toronto-headquartered Canada Pension Plan Investment Board (CPPIB) announced on July 12, 2018, that it will invest in China's rental housing sector with local property developer Longfor Group Holdings Ltd. (Longfor Group) with an initial targeted investment of US$817 million. The companies will invest in China across major Tier 1 and core Tier 2 cities via developments, acquisition and lease of commercial assets to be converted into rental housing. CPPIB and Longfor Group launched their collaboration in 2014 and have built a portfolio of Paradise Walk branded retail assets beginning with their first investment in a mixed-use real estate project in Suzhou and extended that co-operation with further investments in Chongqing, Shanghai and Chengdu. Longfor Group is a well-established residential and retail mall developer and operator in China, and has built strong brands and experienced management teams. As in the previous investments, Pinnacle Real Estate Capital Partners assisted with this venture's establishment and will act as the asset manager for this investment. CPPIB is a Canadian Crown corporation that oversees and invests the funds contributed to and held by the Canada Pension Plan, and as of March 31, 2018, manages over C$356 billion in investment assets on behalf of 20 million Canadians.