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China Minsheng Investment Corp opens Singapore unit
CHINA Minsheng Investment Corp (CMI), one of the largest private investment firms in China, has set up an office in Singapore with an initial capital of US$1.5 billion, it announced at a briefing on Wednesday.
The Singapore unit will invest in companies in South-east Asia and North America, said Laurence Liao, chief executive of CM International Holding, adding that it already has at least one deal in the pipeline.
The investments that it has made so far include a US$5 billion project that it is working on with its parent company CMI to build industrial parks in Indonesia, he added.
CM International's money all comes from Chinese state-backed CMI, which has about 50 billion yuan (S$10.9 billion) in capital.
There is no formal relationship between CMI and China Minsheng Banking Corp, China's biggest private lender.
CMI was set up in Shanghai in May 2014. Its shareholders are 59 large Chinese private enterprises, including business park operator Yida Group, financial conglomerate China Oceanwide Holdings Group, retailer Suning Commerce Group and the investment arm of Giant Interactive Group.