First Eastern Financial Investment Group plans to raise Rmb6bn ($850m) via a new wholly-owned China subsidiary in a breakthrough that will make it easier for international private equity firms to raise and deploy capital in the country.
First Eastern (Shanghai) Investment Management, which was granted its licence on August 14, intends to raise funds over the next year for investment in regional development and environmental protection projects.
“This is an important milestone for us,” Victor Chu, First Eastern chairman, told the FT. “We have been waiting for something like this to happen for at least 10 years.”
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