Two Hunan provincial investment funds, namely, Hunan cultural tourism industrial investment fund and Hunan start-up investment guidance fund, were officially set up in Changsha on Dec.22. Secretary of the CPC Hunan Provincial Committee Zhou Qiang and Hunan Governor Xu Shousheng both sent letters of congratulation to the establishment of the funds.
Hunan cultural tourism industrial investment fund, first of its kind in the province, will raise funds in the form of directed private placement. Besides, a closed-end management will be carried out in a period of ten years. The total assets of the fund projected to amount to 3 billion yuan, with 900 million yuan of investment for the first phase.
Unlike the traditional practice of government investing gratuitously, this fund will build a financing platform for Hunan cultural tourism industry to guide the investment of social capitals into cultural tourism industry. Such a drive was in an effort to shape a diversified investment structure, thus promoting the sound and rapid development of the industry.
With 1 billion yuan as the seed money, Hunan start-up investment guidance fund was administrated by the Hunan High-Tech Venture Capital Co., Ltd. This fund was initiated to accelerate the development of Hunan's strategic emerging industry at the broader area and deeper level.
Source: <http://www.enghunan.gov.cn/>
