State-owned Yuexiu Group, PICC set up $422m Greater Bay Area fund

State-owned Yuexiu Group, PICC set up $422m Greater Bay Area fund

Hong Kong. Source: Ruslan Bardash/Unsplash

Chinese state-owned conglomerate Yuexiu Group, and the People’s Insurance Company of China (PICC), which is controlled by the central government, have jointly set up their first industry investment fund at 3 billion yuan ($422 million) for investments in the Greater Bay Area.