China Resources SZITIC Trust reaps RMB 823 mln in 2008

Published: 29 Apr 2009 19:29:11 PST

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Apr. 30, 2009 (China Knowledge) - China Resources SZITIC Trust Co Ltd, formerly known as Shenzhen International Trust & Investment Co Ltd, posted a net profit of RMB 823 million for last year, the Shanghai Securities News reported on Wednesday.

In 2008, the company's trust revenue surged 40% to RMB 200 million, while trust profit was RMB 144 million, up 23% year on year.

Currently, the company focuses its trust business on securities investment trusts, private equity (PE) trusts and financing trusts. By the end of last year, it had developed over 80 trust products.

China Resources SZITIC Trust was 51% bought in October 2006 by China Resources Holdings Co Ltd (China Resources), an industry conglomerate and the parent of China Resources Enterprise Ltd<0291> and China Resources Land Ltd<1109>, as part of China Resources' effort to become a financial holding group.