Chinese Province Starts $2.4 Billion Fund to Invest in SE Asia
Highland Capital Management, a company formed by the government of China’s Yunnan province, will raise as much as 15 billion yuan ($2.4 billion) to invest in real estate and natural resources in Southeast Asia.
The fund, launched jointly with the Financial Supervisory Board of Yunnan, is raising capital from financial institutions and state-owned enterprises, Highland said in a statement yesterday. Daniel Zhou, a former director of the investment-banking division at UBS Investment Bank AG, will lead the fund, it said. Yunnan is in southwestern China,
“This focus builds on Yunnan Province’s geographical proximity and its strong business ties to” Southeast Asia, the investment firm said in the statement. “The management recognizes this as a strategic opportunity for Chinese investment and the development of Yunnan as a regional yuan financial center.”
Highland Capital will manage China’s second offshore yuan fund. Sailing Capital International Co.’s investment arm was launched in February 2012 and is managing 50 billion yuan of assets, according to the company’s website.
To contact the reporter on this story: Andrea Wong in Taipei at firstname.lastname@example.org