Pingtan, BOC set up $220m investment fund
( chinadaily.com.cn )
Updated: 2015-09-01
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Pingtan, a dynamic economic zone in Fujian province, and the Fujian branch of the Bank of China (BOC) will jointly set up a fund for infrastructure investment, according to ptnet.cn.
The two signed a partnership deal at a promotion in Pingtan on Aug 16, marking the first fund through government-bank cooperation in Pingtan.
The fund plans to raise 1.4 billion yuan ($220m) in the first stage to boost infrastructure and major industries.
Apart from BOC, co-founders also include the Pingtan State-asset Investment Group , the Pingtan Transportation Investment Group and the Pingtan Land Exploitation Group.
The fund will be managed by a professional agency and supervised by a custodian bank.
