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1st fund set up to invest in FTZ
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THE Shanghai Free Trade Zone Equity Investment Fund was established in Shanghai yesterday, the first fund in the country focusing on investment in the China (Shanghai) Pilot Free Trade Zone.
The fund, which will raise a total of 5 billion yuan (US$803 million) and 1.5 billion yuan in the first phase, was initiated by four state-owned enterprises.
They are Shanghai Lujiazui Finance and Trade Zone Development Co, Shanghai Waigaoqiao (Group) Co, China Cinda Asset Management Co and China Orient Asset Management Corp.
The fund will mainly concentrate on investment in modern logistics and warehousing, commercial real estate, cross-border e-commerce, imported goods direct sales center and cultural product trading platform within the FTZ, said Yang Xiaoming, chairman of the Shanghai Lujiazui Finance and Trade Zone Development.
In addition to the four state-owned initiators, the fund also has investment from private and foreign enterprises, said Yang.
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