China Huarong Sets up PE Fund

A private equity fund jointly set up by a state-owned assets management firm and a local financing vehicle was approved by authorities last week.

The Huarong Yufu Fund will be officially launched in August.

Lai Xiaomin, general executive of China Huarong Asset Management Corp., said the private equity fund plans to raise 10 billion yuan, the biggest PE fund in Chongqing, a southwestern municipality.