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British Firm to Invest $100m in China's Private Sector
Leading British insurance group CGU and CDC Capital Partners, a leading equity investor in emerging markets, have recently announced the formation of a joint venture for investment in China's private sector.
The joint venture company, CGU-CDC China Partners, is to invest US$100 million with the aim of taking equity stakes in the private sector in China, according to sources from CGU's Beijing representative office.
Private businesses in newly-rising industries, especially in the information industry, would be the priority of investment, the sources said.
CGU is now known as CGNU in the United Kingdom after its merger with Norwich Union. The leading insurance group in Europe now has worldwide premium income of US$41.6 billion and assets under management of US$320 billion.
The company has been engaged in investment activities in China, most notably through the launch, two years ago, of its China Index Fund which invests in China's B shares.
CDC Capital Partners is one of the leading private equity investors in emerging markets. It was granted approval by the UK government to invest in China in September 1998. In July 1999, both the UK and Chinese governments gave their formal support to its decision to commence operation in China.
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