CCB backs PRC's first aviation fund
In partnership with China Aviation Industry Corp., China Construction Bank (CCB) has formally established the country’s first ever aviation-focused industry fund, the AVIC Fund of China.
The fund has already raised RMB1 billion ($148 million), and expects to expand this amount to some RMB5 billion ($738 million) by the end of its first phase, and ultimately to RMB20 billion ($2.95 billion) over time. The Tianjin Municipal Government has agreed to commit RMB500 million–1 billion ($73.8-148 million).
The AVIC FUnd will be managed by Tianjin Yufeng Equity Investment Management Co, a joint venture management company formed by the two partners. Previous funds established under the PRC central government's push to develop Tianjin, however, have already garnered a poor reputation for conflicts of interest and limited autonomy.
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