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AVIC launches China's first air fund
By Winny Wang |
July 7, 2010, Wednesday
|
Online Edition
Online Edition
AVIATION Industry Corp of China today set up China's first aviation fund with China Construction Bank to boost the country's aviation industry.
AVIC Fund of China is aimed at raising 5 billion yuan (US$738.11 mikllion) in the first phase and 20 billion yuan in total, the lender said on its website.
The fund, managed by a company composed of subsidiaries of AVIC and the lender, has raised 1 billion yuan and Tianjin government has pledged to invest 500 million yuan to 1 billion yuan into the fund, according to the statement.
Establishment of the fund adds a direct financing channel for the country's aviation industry and will help AVIC achieve its target of making 1 trillion yuan in revenue, the company said.
AVIC, the country's largest aircraft producer, targets at injecting 80 percent of all its assets into more than 20 listed arms by 2011 and generating 1 trillion yuan in revenue in 2017.
AVIC Fund of China is aimed at raising 5 billion yuan (US$738.11 mikllion) in the first phase and 20 billion yuan in total, the lender said on its website.
The fund, managed by a company composed of subsidiaries of AVIC and the lender, has raised 1 billion yuan and Tianjin government has pledged to invest 500 million yuan to 1 billion yuan into the fund, according to the statement.
Establishment of the fund adds a direct financing channel for the country's aviation industry and will help AVIC achieve its target of making 1 trillion yuan in revenue, the company said.
AVIC, the country's largest aircraft producer, targets at injecting 80 percent of all its assets into more than 20 listed arms by 2011 and generating 1 trillion yuan in revenue in 2017.
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