Mark Carney’s investment and borrowing ties to China through Brookfield Asset Management Ltd.—and its connection to a real estate tycoon linked to the CCP—raise questions as Carney takes over from Trudeau.

By The Bureau

Summary

As Mark Carney assumes the role of Canada’s new Prime Minister, this report by The Bureau examines the investments and loans accumulated in China by Brookfield Asset Management Ltd., the $900 billion Canadian investment fund Carney chaired until he ran for the Liberal Party leadership to replace Justin Trudeau.

The Bureau report reveals Brookfield had already invested over $3 billion in China before Carney took the helm in 2020. Research suggests that Carney played a role in expanding the firm’s presence there.

In March 2024, The Telegraph reported that Mark Carney met with Xi Jinping as China sought to strengthen ties with the West. Corporate documents revealed that Brookfield held over $3 billion in politically sensitive investments with Chinese state-linked real estate and energy companies, along with a significant offshore banking presence. One major venture involved a $750-million investment in high-end Shanghai commercial property in 2013, partnering with a Hong Kong tycoon affiliated with the Chinese People’s Political Consultative Conference (CPPCC), which the CIA identifies as a key “United Front” entity of Beijing.

This investment occurred at the peak of China’s real estate bubble. Last year, as China’s market crashed and vacancies in Shanghai soared, Brookfield under Carney secured hundreds of millions of dollars in loans from the Bank of China to refinance its Shanghai commercial land holdings. This emergency loan came a decade after Carney, while Governor of the Bank of England, helped facilitate the Bank of China’s global expansion. In a 2013 speech, Carney announced that the Bank of England had signed an agreement with the People’s Bank of China to support the internationalization of the Renminbi, describing it as a global good.

Mark Carney resigned from Brookfield in January 2025 to focus on his leadership bid for Canada’s Liberal Party. Despite never having been elected to the House of Commons, Carney won more than 85% of the points and dominated in all 343 ridings.

Carney has placed his assets in a blind trust to avoid conflicts of interest, but questions remain about his full separation from Brookfield. His opponent, Pierre Poilievre, has called for greater transparency regarding Brookfield’s financial dealings, arguing that Canadian media has not sufficiently scrutinized Carney’s background.

The Centre for International Corporate Tax Accountability and Research (CICTAR) reported that Brookfield’s offshore structuring enabled it to avoid an estimated $6.5 billion in taxes in 2021. This practice, while legal, has significant negative impacts on public funding for essential services. Brookfield has faced criticism for using offshore tax havens and various loopholes, particularly in its properties in London and Manhattan West. The Paradise Papers leak in 2017 revealed numerous Brookfield-linked entities registered through the Appleby law firm, with many entities incorporated in tax havens such as Bermuda and the Cayman Islands.

With Canada’s economic future increasingly entangled in global trade conflicts, Carney’s complex financial entanglements could have lasting consequences for Canadian citizens. As Mark Carney takes office, scrutiny of his financial dealings and Brookfield’s deep ties to China and offshore banking is expected to increase.

The Global Times, a vocal outlet for the Chinese Communist Party, signaled Beijing’s approval of Carney as the 24th Prime Minister of Canada. Chinese Foreign Ministry spokesperson Mao Ning congratulated Carney and expressed hope that Canada will maintain an objective understanding of China and work pragmatically to improve bilateral relations.

The original report is available at the publisher’s website here.

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