Embraer and CDB executives signed three sales agreements in Beijing on Tuesday morning.

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Investors in the share offering included CIC International, Boyu Capital and CITIC Capital, as well as CDB Capital, the equity investment arm of China Development Bank.

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Indeed last week's purchase of Barclays by the CDB (which also came with a board seat) gave a glimpse where these enormous funds might look next.

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Negotiations between CDB and the Lennar partnership have been led by Kofi Bonner, a former deputy mayor of San Francisco who heads Lennar Urban, a Lennar division based in San Francisco.

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But China and Russia, who are have been setting up new SWF's, are set to make bigger and more ambitious purchases through state-owned companies like Gazprom and the China Development Bank (CDB).

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With Beijing traditionally having kept tight control over foreign exchange, CDB and to a lesser extent the Export-Import Bank of China, a fellow policy bank have dominated the funding of overseas projects and investments of Chinese firms.

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Indeed last week's purchase of Barclays (nyse: BCS - news - people ) by the CDB (which also came with a board seat) gave a glimpse where these enormous funds might look next.

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While CDB's primary mandate is to support China's domestic development, with foreign currency-denominated lending accounting for only 21% of outstanding loans at the end of 2011, it is also tasked with supporting the development of China's interests overseas.

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