Chinese electric car and battery maker BYD Co. Ltd. and property giant China Vanke Co. Ltd. agreed to launch a 1.1 billion yuan ($154 million) fund targeting businesses focusing on technology and logistics in a bid to tap the country’s fast-growing tech sector.
BYD Auto Industry, a subsidiary of BYD, will initially commit 600 million yuan, while Chengdu Vanke Real Estate, which is owned by Vanke, subscribed for 500 million yuan, BYD said Tuesday in a filing with the Shenzhen stock exchange. The fund will be managed by investment firm Tianjin Rongtai, which will commit 1 million yuan.
BYD said the fund will help enhance its investment capabilities and cement its industry competitiveness. Vanke said in a statement that the investment is in line with the company’s future strategy as a life service provider.
Contact reporter Tang Ziyi (email@example.com)