China Vanke to invest more than RMB 800 mln in CITIC medical and healthcare fund
Jul 06, 2018 (China Knowledge) - China Vanke Co., Ltd, the country's largest property developer, announced on Thursday evening that the company decided to participate in the investment of CITIC Capital's special fund for medical and healthcare through its subsidiaries.
The announcement shows that the target size of the fund is RMB 1.7 billion. The first phase’s fund size will be cap at RMB 842.2 million, where Beijing Vanke, a wholly-owned subsidiary of Vanke subscribed RMB 801.41 million while CITIC Capital (Tianjin) subscribed RMB 10,000.
The fund is mainly invested in medical health projects. CITIC Capital (Tianjin) is an executive partner of the fund and is responsible for its daily operations.
Vanke said that it has taken into consideration the company's development strategy and the current market environment, before joining the investment of CITIC Capital's special fund for medical care and health. The participation is expected to help the company expand in the medical and health fields by leveraging the resources of external partners.
Vanke A share closed at RMB 23.21 on Friday and it fell by a cumulative of 16.15% in the past month.
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