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Capital Markets
August 28, 2007
China to launch private equity fund with Singapore

Chinese-Singaporean private equity fund that would provide easy financing for hi-tech companies is close to winning approval from China's top economic planner, state media reported Tuesday.

The China-Singapore Suzhou Industrial Park (SIP) China Council, chaired by Vice Premier Wu Yi, will back the new China-Singapore Hi-tech Industrial Investment Fund, the China Daily said.

"The fund will focus on hi-tech and business process outsourcing industries," the report cited an unnamed source as saying. "Apart from SIP, it will also seek opportunities in the Yangtze River Delta."

The industrial park, set up in 1994 in eastern China's Jiangsu province, is aiming to shift its focus from simple manufacturing to hi-tech and high value-added industries, a transformation the fund is expected to help.

Chinese companies own a majority of the industrial park, while 24 Singaporean companies hold a 28-percent stake.

The industrial park wants to raise 10 billion yuan (1.3 billion dollars) to inject into the fund, with three billion yuan for the first phase, said the report. AFP reports

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