|
From Christine Gaylican, Opalesque Asia:
China Investment Corp (CIC), the state-owned wealth fund that has $8bn worth of shares in alternative investments and finance companies, has plans to set up a fund management company in the Pudong New District, Shanghai, China, reports said.
CIC, which has $3bn worth of shares in Blackstone Group and $5bn in Morgan Stanley, will launch the fund this month and will be named Blackstone Zhonghua Development Investment Fund, reports said.
Three people familiar with the decisions, who declined to be identified because the announcement was yet to be made public, have confirmed this to Opalesque today. A related report from newswire China Knowledge, also validated the news (Source ).
According to a 2008 annual report of CIC (Source ) released in June-09, CIC has a capitalisation of US$200bn, allocating approximately 52% for global investment and the remaining estimated at 48% is invested in domestic financial projects by the Central Huijin.
New venture on the pipeline
China's US$300bn sovereign wealth fund is likely to form a venture with Italian state-owned bank, Cassa Depositi e Prestiti, to raise financing for technological infrastructure projects as well as other projects, China Knowledge said,...................... To view our full article Click here
|
RSS
