Hong Kong-listed conglomerate China Resources Enterprise (CRE) and Fung Investments, which is owned by Hong Kong’s Fung family, have set up a 50-50 joint venture (JV) to invest $300 million in quality brands, products, services, and technologies, the duo announced on Friday.
The two parties will each contribute $150 million to the JV, which plans to leverage the distribution network of CRE’s parent firm, China Resources Group, in China and the Fung Group’s global supply chain, according to a statement.
