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New investment funds
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FIVE centrally-administered state-owned enterprises pledged to invest more than 100 billion yuan to establish five investment funds in Hangzhou, according to sources at the Private Equity Fund West Lake Summit last week.
China International Capital Corporation will join hands with the Ministry of Finance and the National Development and Reform Commission to set up a 40-billion-yuan venture capital fund for emerging industries. It will be the first national fund of its kind in China.
CITIC Securities will create a private equity fund of 15 billion yuan to support the development of the economy. Bank of China will establish a construction fund for small towns with unique characteristics. Its first-phase investment in the fund is 30 billion yuan.
China Huarong Asset Management Co Ltd will invest 100 billion yuan in an investment fund over a three-year period while China Post Group will team up with Zhejiang Yong’an Futures Co Ltd to set up a 100-billion-yuan FOF (fund of funds) in three years.
Financial heavyweights from around the world attended the summit in Yuhuang Shannan Fund Town. The town attracted 1,010 financial firms with assets totaling 574 billion yuan. They invested 160 billion yuan in 759 projects and helped 79 companies listed on stock exchanges. There are over 2,000 financial professionals working in Yuhuang Shannan, and one tenth of them are from abroad.
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