UOB to launch Sino-Singapore fund in Chongqing
UOB Venture Management (UOBVM) will launch a Chongqing-based private equity fund of up to RMB100 billion ($15.4 billion) that will invest in companies addressing the China and Singapore markets.
UOBVM, a subsidiary of Singapore's United Overseas Bank, will work on the initiative with state-owned Chongqing Yufu Asset Management, Ping An Insurance and Tus-Holdings, which operates the Tsinghua University Science Park. Priority will be given to Chongqing-based projects.
The fund has a remit to support financial services companies developing Sino-Singapore capabilities and aviation players focused on travel between Chongqing and Singapore, as well as other Southeast Asian countries. It will also make investments that support the development of transportation logistics, along with information and communications infrastructure, in Chongqing and other parts of western China.
"The fund will offer companies an alternative financing option to support their growth and to capture more opportunities as China and Singapore continue to deepen their collaboration in driving the Belt and Road initiative, and in developing the western Chinese provinces and cities," Seah Kian Wee, managing director of UOBVM in Shanghai, said in a statement.
The "one belt, one road" strategy comprises the Silk Road Economic Belt and the 21st Century Maritime Silk Road, through which China wants to build roads, railways, ports and airports across countries in Asia, Europe and Africa.
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