China Approves 20 Billion Yuan Shipbuilding Fund, Herald Says

China’s National Development and Reform Commission approved a 20 billion yuan ($2.9 billion) shipbuilding-industry investment fund, the 21st Century Business Herald reported. The fund will have a registered capital of 200 million yuan, of which 100 million yuan will be contributed by the Hongyao industrial fund and 100 million yuan by Centrans Ocean Shipping Logistics Corp. Chairman Xu Hui, the Guangzhou-based newspaper said. It cited an unidentified official with the development commission of Tianjin city, where the fund will be based.
Xu will also be chief executive officer of the fund’s management company, the newspaper said. The fund will raise 8 billion yuan this year, the report said, without saying how much has been raised to date.