China Chengtong Creates $52.5 billion Fund Company

(Beijing) — State-owned investment management company China Chengtong Holdings Group Ltd. said Monday it is establishing a fund company to help finance and speed up structural reform at state-owned enterprises (SOEs).

China Chengtong, an investment company under the supervision of the State Council's State-owned Assets Supervision and Administration Commission (SASAC), said the fund company was founded on Sept. 22 by 10 central government-owned enterprises, with registered capital of 131 billion yuan. It said the fund will grow to 350 billion yuan ($52.5 billion).