China’s Lander Sports Development Co. Ltd is set to launch an RMB5bn joint sports-related fund management company with
Zhejiang Huanglong Sports Development Co. Ltd and CCB International Wealth Management (Tianjin) Ltd.
The to-be-launched funds will be mostly used to focus on sports industry based in Zhejiang Province, according to the protocol of the partnership.
Under the deal, the joint venture, with aim to raise RMB5 billion, will make key investments in “Internet+sports”, mass leisure sports, sports fashion and events operations in Zhejiang Province, of which the capital city, Hangzhou, has has won the hosting rights to 2018 FINA World Swimming Championships (25m) and 2022 Asian Games.
As part of the efforts to exploit the sports industry, Lander Sports, formerly a real estate company, has reached partnership with government-backed Huanglong Sports earlier last month on establishing a sports-related equity exchange centre as well as an event operation company.
CCB International Wealth Management is a subsidiary of CCB International and a strategic platform for RMB private equity ("PE") business.