The fund will be parked under a new set up named Cosco Shipping Logistics, wholly-owned by Cosco Shipping. Cosco Shipping Logistics will in turn collaborate with Cosco Shipping Development on utilising the fund.
Cosco Shipping Development is the integrated financial services provider for the shipping conglomerate Cosco Shipping.
The Henan provincial government has supported the initiative, saying the logistics development would help with China’s One Belt One Road economic development framework.
The involvement in the logistics fund is expected to benefit the Cosco group in developing its strategic investments and generating investment returns, according to a Cosco Shipping Development announcement.