BYD, a Chinese automobile manufacturer backed by Warren Buffett, has joined forces with residential real estate developer China Vanke to launch a fund that will invest 1.1 billion yuan ($153.93 million) into the technology and logistics sectors.
The partnership, which was sealed on September 30, will see BYD Auto Industry, an affiliate of BYD, inject 600 million yuan ($83.88 million) into the new fund as a limited partner. Vanke’s subsidiary in southwestern China’s Chengdu city, Chengdu Vanke Real Estate, will also serve as a limited partner by investing 500 million yuan ($69.90 million), BYD announced in a filing with the Shenzhen stock exchange on Tuesday.
