News:Asia

Cosco Shipping establishes logistics investment fund

China Cosco Shipping Corporation Limited (Cosco Shipping) has set up a logistics investment fund, backed by the provincial government, to raise around RMB6bn ($874.2m) for investments in areas including cold chain logistics, logistics infrastructure, industrial parks, and e-commerce.

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.

Posted 17 February 2017

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Lee Hong Liang

Lee Hong Liang
Asia Correspondent, Seatrade Maritime

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