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HNA Group subsidiaries join Hainan Tourism Industry Investment Fund

09/09/2015| 6:08:42 PM| 中文

The new Hainan Tourism Industry Fund will initially have a size of RMB2 billion and expected to grow to RMB15 billion eventually.

An investment fund for Hainan's tourism industry will be set up under the “Hainan Tourism Industry Investment Fund Framework Partnership Agreement” signed by HNA E-Food, Industrial Commercial Bank of China’s (ICBC) Hainan provincial branch, Hainan Development Holdings, HNA subsidiary Beijing Tourism Development Fund and HNA Tourism.

The new Hainan Tourism Industry Fund will initially have a size of RMB2 billion and expected to grow to RMB15 billion eventually. Initial contributions to the fund includes:

Investor

Partner Type

Capital Investment

Proportion to Total Capital

ICBC Hainan

high-level partner

RMB1.3 billion

65%

Hainan Development Holdings

mid-level partner

RMB200 million

10%

HNA E-Food

mid-level partner

RMB200 million

10%

Beijing Tourism Development Fund

ordinary partner

RMB20 million

1%

HNA Tourism

low-level limited partner

RMB280 million

14%

The fund will be used for development and the products of ten major industry segments, including marine tourism, medical tourism, shopping tourism and MICE. It will also be injected into renovating six major tourism projects, and invested in key tourism and investent projects designated in the Hainan provincial government’s 13th five-year development plan and by the provincial tourism committee.(Translation by David)

TAGS: Hainan Tourism Industry Development Fund | HNA | E-Food | ICBC
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