December 16, 1999 
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| December 16, 1999 | atimes.com | |
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| China Beijing to allow foreigners to invest up to 25% in funds BEIJING - China will allow foreign investors to participate in the management of industrial investment funds, but the shares they hold should not exceed 25 percent, according to an official from the State Development Planning Commission. The government will issue rules in this regard before the end of this year, the official said. Industrial investment funds planned include a pioneering investment fund for small and medium-sized enterprises; an enterprises recapitalization fund and infrastructure industrial fund. An industrial investment fund is a closed-end fund with a deposit and continuation term of 10-15 years. It has to be launched jointly by at least two main sponsors and a number of participating sponsors. The main sponsors have to be an industrial investment company with related background and a non-banking financial institution such as a securities company or trust and investment company, each with a registered capital of at least 200 million yuan. The registered capital of an industrial investment fund must not be less than 10 million yuan. In the experimental stage, an industrial investment fund will be issued by way of private placement and it is deemed as being established when the private placement reaches 60 percent of the amount declared. The money can be assigned but not redeemed during the deposit and continuation period. The fund may apply for listing on the stock exchange. Enterprises receiving funding may also apply for listing at home or abroad. A number of industrial investment funds are being set up. (Asia Pulse/XIC) | |||||||||
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