Wanhua Hexiang Banye, a manufacturer of formaldehyde-free materials, has raised ‘tens of millions of US dollars’ in strategic investment, per a company statement on Tuesday.
The investment was led by Poly Capital and Country Garden Venture Capital’s joint fund, which translates as Baoli Fund. The 5 billion yuan ($700 million) real estate fund was co-launched by real estate developers – Poly Developments and Country Garden last year.
Located in East China’s Shandong province, Hexiang Banye is engaged in the business of green wood-based panels. The company has eight manufacturing facilities with a capacity of 2.30 million cubic meters.
Over the next five years, Hexiang is targeting to increase manufacturing capacity to 5 million cubic meters to provide 100,000 pre-fabricated formaldehyde-free boards to households.
CHINA DEAL MONITOR
DealStreetAsia has also put together a table listing out all prominent venture capital transactions in the Greater China region from November 15 – 17, 2021.
