Saudi PIF Opens Shanghai Office to Facilitate China Dealmaking

Saudi Arabia’s $1 trillion wealth fund started operating a second office in mainland China earlier this year, as part of its efforts to deepen investment ties with the world’s second-largest economy.

The Public Investment Fund’s office in Shanghai was registered last year, people familiar with the matter said, declining to be identified as the information is private. It falls under the investor’s outpost in Beijing led by Lily Cong, a former chief representative of Fidelity International in China’s capital, the people said.