The Canada Pension Plan Investment Board has paused new investments in China, according to Reuters.

The news agency reported that Toronto-based CPPIB has laid off at least five investment professionals at its Hong Kong office, citing unidentified sources. The managing director of CPPIB’s Greater China real estate portfolio lost his position, according to Reuters.

CPPIB is the asset manager for the Canada Pension Plan, the country’s largest pension fund. The move comes as political tensions between Canada and China have increased in the past two years.

Some Canadian pension funds have put direct investments in China on hold, while others have trimmed their exposures and are keeping liquid public investments and index funds, The Globe and Mail reported. CPPIB has been bullish in China with approximately 9%, or nearly $52 billion, of its total $570-billion portfolio invested in the country, according to the publication.

Most large pension plans have dedicated 2% or 3% of their total assets to China.

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