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China Construction Bank to set up RMB 5 bln health fund

Published: 05 Nov 2008 17:46:53 PST

Nov. 5, 2008 (China Knowledge) - China Construction Bank Corp (CCB)<601939><939>, one of the country's Big Four state-owned banks, Tuesday announced its investment arm CCB International would set up a RMB 5 billion (US$731) fund targeting at investments in the nation's healthcare sector, according to sources.

The health fund, which is to be named China Healthcare Investment Fund, will be the first domestic investment fund focusing on the country��s healthcare sector and is expected to invest in pharmaceuticals, medical equipment manufacturers, medical institutions and health-related services companies, according to Hu Zhanghong, CCB International's chief executive.

However, the Hong Kong-based CCB International hasn't achieved the initial fundraising of RMB 5 billion yet.

China's healthcare industry is developing rapidly and the government is reforming its medical and pension system in a bid to narrow the gap between the poor and rich.

In line with the Chinese government's efforts, many global private capital investment companies have already invested large sums in Chinese medical firms.

Copyright © 2008

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