Finance and InsuranceGreater China
Cosco sets up shipping fund with China Cinda
Cosco Shipping Development has announced a plan to set up a shipping industrial fund with state-controlled China Cinda Asset Management to expand its presence in the ship finance sector.
The first phase of the fund will raise RMB1.001bn ($153m) with Cosco planning to make an investment of RMB500m to acquire 49.95% in the fund.
The fund will focus on ship assets as well as non-performing assets, restructuring targets and asset-backed securitisation.
Cosco has been making efforts to expand its shipping finance network. In February 2017, Cosco signed agreement with Greenland Holding Group to establish a special fund dedicated to the acquisition of port terminal assets globally.