The Chinese companies Bank of Suzhou Co Ltd and Suzhou Industrial Park Development Firm and the Singaporean company CapitaLand Fund Management Pte Ltd recently received the approval from China Securities Regulatory Commission for setting up a fund management joint venture with a registered capital of RMB 150 million. The new company, named “Suxin Fund Management Co Ltd”, is the first of its kind in East China’s Jiangsu province for management of publicly offered funds.
The company will integrate the resources of the three shareholders and related Singaporean and Chinese authorities to bring about innovative financial products and services such as REITs (real estate investment trusts) to support transformation and upgrading of businesses engaged in real economy.
“The company marks a significant breakthrough in Sino-Singaporean cooperation in founding corporate financial institutions, and is expected to help speed up high-quality economic development and industrial upgrading in Suzhou and even the whole Jiangsu province,” said an official from SIP Financial Development and Risk Prevention Bureau.
The official said SIP authorities would offer more support for the company to develop stronger, improve its services and cooperate with partners in SIP.
December 13, 2022
