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China's 1st shipping investment fund established
Published on: 2010-01-05
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Jan. 4, 2010 (China Knowledge) - China's first fund for the shipping industry was launched in Tianjin on Dec. 29 and will have a total investment of about RMB 20 billion, according to Xinhua News Agency.


The shipping investment fund, which has been approved by the State Council and the National Development and Reform Commission, is one of ten industry funds, said an insider at the opening ceremony.


The financing fund at the initial stage was RMB 2.85 billion, which was raised by several companies, including Tianjin Infrastructure Investment Group, Tianjin Jinneng Investment Co, a state-owned Tianjin-based firm with a registered capital of RMB 2 billion and Northern International Trust Co Ltd.


Shanghai Pudong Development Bank is the custodian bank.


Reportedly, Tianjin Bohai Industrial Investment Fund, another industry fund, was set up in Tianjin in December 2006 with proposed total investment of 20 billion.

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