September 18: Viva China Holdings Co., Ltd. has announced that it has reached an agreement with Zhuhai Hengqin Huarong Zhifu Investment Management Co., Ltd., a subsidiary company of Huarong Real Estate Co., Ltd. This partnership will see the two sides establish the Sports Cultural Industry Fund with an aggregate contribution of RMB 1.5 billion (US$228.4m). 

Huarong Zhifu and two wholly-owned subsidiaries of the Viva China Holdings will respectively invest 66.66%, 33.33% and 0.01% of the total capital in the fund. Meanwhile, Huarong Real Estate will provide financial and project consulting services to the Sports Cultural Industry Fund in its ordinary course of business.

The Sports Cultural Industry Fund targets investing and participating in prospective community development projects, including the development of Li Ning Sports Parks, sports towns and sports communities. 

Other sport-related projects in China brought about by the preferential state policies and the evolution of the sports industry during the 13th Five-Year Plan period will also become the potential targets of the fund. 

Furthermore, the fund may also invest and engage in intellectual property (IP) projects with a sports cultural theme.

Source: www.vivachina.hk and www.guandian.com

Proofread by William Logsdon