15 November 2013 (14:57 UTC-07 Tango)/11 Muharram 1434/24 Aban 1391/13 Gui-Hai (10th month) 4711
Chinese investment company, China Investment Corporation (CIC), dumped more than 27-million shares of General Growth Properties (GGP).
CIC manages the Chinese government’s foreign investments. GGP has just sold off their Pine Ridge Mall in Chubbuck, Idaho, and is selling off four other malls in a group auction.
JC Penney is negotiating a new lease at the Pine Ridge Mall, which was recently auctioned off by GGP/Howard Hughes Corp.
A U.S. investment company, Pershing Square Capital Management (PSCM), also dumped GGP, as well as J.C. Penney.
PSCM sold 48% of its stake in GGP. They also dumped all their 39-million J.C. Penney shares! PSCM founder Bill Ackman said he gave up on trying to convince other J.C. Penney share holders to try out his plan to save the retailer. He says his attempt to save J.C. Penney resulted in a loss of about $400-million USD!