Last Friday a new fund was co-established by Beijing Enterprises Group Company and Beijing Municipal Bureau of Sports. The fund is intended to form a platform in the sports industry and to help drive sports development of the capital. 

The name of the fund literally translates as "Beijing Sports Developmental Investing Fund". 

The initial investment is a total of RMB100m. RMB50m of the amount is provided by Beijing Enterprises Group Company and the other half by another sports fund named Beijing Municipal Sports Industry Developmental Directing Fund. 

This new fund is to serve the following areas of the industry: international events' entrance and localization, professional clubs entering Beijing and club operations (for basketball, soccer, volleyball, and golf, etc.), youth sports development, sports agency services, venue operations, and international sports exhibitions and conferences. It's also reported that the market will be used as a major managing method instead of administration orders. 

Some time earlier, Chinese State Council announced plans to grow the nation's sports industry. Since then many investments have started to show interests in this field. 

Beijing Enterprises Group Company is a large fully state-owned company. It was founded in 2005 through merging of several companies, with a RMB8.2 billion registered capital, and has ranked top in terms of profits among Beijing state-owned companies. 

It just invested a Beijing soccer club for the next season, and agreed to build Beijing municipal women soccer teams with Beijing Municipal Bureau of Sports.  

At the signing ceremony last Friday, they established a cooperation relationship with Beijing Municipal Bureau of Sports for development of Beijing sports industry.