Beijing e-Town Int'l Investment Co inaugurated in BDA

Mar. 30, 2009 (China Knowledge) - Beijing e-Town International Investment Co Ltd was inaugurated in Beijing Economic-Technological Development Area (BDA) on Mar. 25.

The company, which has a registered capital of RMB 3 billion, obtained RMB 3 billion and RMB 3.5 billion in credit from the Bank of Beijing<601169> and the Industrial and Commercial Bank of China (ICBC)<601398><1398> respectively.

Reportedly, the company has already provided financing support for several companies in BDA, including the Beijing Oriental Enterprise (BOE), Norstar Automobile Industries Inc, Solomon Systech Ltd, and Beijing PharmaSciences Co Ltd.

According to Zhao Guangyi, Board Director and GM of Beijing e-Town International Investment Co Ltd, the company will perform the following functions: offer financing support for BDA's big strategic industrial projects and promote BDA's industrial upgrades and clusterization; invest in BDA's infrastructure and service facilities; promote well-equipped industries with core technologies; provide financing services for high-tech BDA enterprises.

Beijing e-Town International Investment Development Co Ltd will gradually set up guarantee companies and venture capital firms, launch specialized industrial guide funds and venture capital funds, and provide investment and financing support for enterprises in line with BDA's development plan. At the same time, BDA will also continue to expand government tax-rebates, subsidies, incentives, and strong financial and policy support.