Japanese investment firm sets up joint venture in China's Tianjin

Japan Asia Investment Co.(JAIC), one of Japan's largest investment firms, has established an investment management company in the northern port city of Tianjin, a Chinese partner said Tuesday.
The fund is a joint venture with China Binhai New Area Venture Capital Guiding Fund Co. and the Tianjin Eco-City Management Committee, said a spokesman with the committee.
The new company, known as Japan-Asia (Tianjin) Venture Investment Management Co., will target companies at a growth stage in Tianjin, especially those engaged in environmental technology-related businesses or other promising industries, according to a statement on the Tokyo-based company's website.
The 120-million-yuan (18.46 million U.S. dollars) joint venture is expected to increase its fund to 800 million yuan in the future, said the statement.
JAIC holds 70 percent of the new firm's shares, and the Binhai company holds the remaining 30 percent, it said.
Source:Xinhua
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