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BYD, Vanke to Launch $154 million Tech and Logistics Investment Fund

By Tang Ziyi / Oct 09, 2019 01:27 AM / Business & Tech

Photo: VCG

Photo: VCG

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 (ziyitang@caixin.com)

Related: China Approves First 7 Funds for New Tech Board Investment

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