Chinese state-owned conglomerate Yuexiu Group, and the People’s Insurance Company of China (PICC), which is controlled by the central government, have jointly set up their first industry investment fund at 3 billion yuan ($422 million) for investments in the Greater Bay Area.
The new fund is the first investment platform to be followed by the launch of a series of flagship funds between the two parties for investment opportunities in the Greater Bay Area. The vehicles will amount to a combined capital pool of 10 billion yuan ($1.41 billion), according to a statement on Thursday.
