U.S. homebuilding fell more than expected in March as the construction of single-family homes in the Midwest recorded its biggest decline in three years, but an increase in building permits suggested the housing market recovery remained intact. Chinas leading investment professionals, many of them trained on Wall Street, and gave them authority to make bold investments in everything from Western banks and fund managers, such as Morgan Stanley and Blackstone Group, to leading hedge funds. CIO and later as president, and Peng Chun, a senior aide to Gao who served on the funds executive committee and returned to his former employer, Bank of Communications, as president. Ding initially tapped Gaos successor as CIO, Li Keping, to become president. Shanghai Stock Exchange and executive vice mayor of Shanghai. Tu oversaw a number of recent financial liberalizations, including the launch of ShanghaiHong Kong Stock Connect and a pilot program opening the city to foreign hedge fund managers. He briefly served under Xi in 2007, when the future president was party chief of Shanghai. Neither Tu nor Li has ever lived outside the mainland or worked for an international financial company. Last year the sovereign fund created a subsidiary, CIC Capital, to lead the new push by taking a private equitystyle approach toward offshore investments in areas including real estate and infrastructure. Brisbane, Melbourne and Sydney from Australias Investa Property Trust, a Morgan Stanley subsidiary, for A$2.45 billion ($1.8 billion).Yet the way Ding has reshaped CIC could frustrate his ambition of growing the funds U.S. footprint. American politicians have long been wary of a potential influx of investment from state-run Chinese entities. Corp. Washington was influential in getting sovereign wealth funds to sign the Santiago Principles, a 2008 voluntary agreement under which funds commit to invest primarily for economic and financial returns rather than for political or strategic objectives.