BYD to Set Up $940 Million Fund for Monorail Expansion
Warren Buffet-backed electric-vehicle maker BYD Co. plans to set up a 6.25 billion yuan ($940 million) private equity fund to finance its monorail transit system, as the company seeks to expand in China’s massive public transport market.
Shenzhen-based BYD said its board on Tuesday approved the plan to set up the fund by its wholly-owned subsidiary Shenzhen BYD Investment Management Co. Xi’an-based Western Trust Co. will subscribe 5 billion yuan of the fund while BYD Investment, BYD Auto Industry Co. and another asset management firm will provide the remaining 1.25 billion yuan.
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