China’s agency that manages the nation’s $3.66 trillion of foreign-exchange reserves is looking to make more investments in European property, two people familiar with the situation said.

The State Administration of Foreign Exchange, seeking to diversify the nation’s investments, is looking at real estate and infrastructure projects with a focus on the U.K., France, Germany, Poland and the Czech Republic, said the people, who asked not to be identified as they weren’t authorized to speak publicly about the matter. Valuations for such projects are currently at an attractive level, they said.

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