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Leading China shipbuilders to invest in industry fund

Leading China shipbuilders to invest in industry fund

Shanghai:  China's two major shipbuilders, China CSSC Holdings and the China Shipbuilding Industry Corp., are considering investing in the Tianjin Shipbuilding Industry Fund, writes Xinhua quoting Cui Jindu, vice major of the coastal city.

The fund, approved by the National Development and Reform Commission (NDRC), went into operation on December 30, 2009. Its ultimate intended size is 20 billion yuan and 2.85 billion yuan has already been raised at the initial stage.

The fund has sent out 45 new-ship orders to domestic shipbuilders and invested 15 billion yuan in shipbuilding projects to date. It still has a large number of ship orders in hand.

It is seeking further finance from shipbuilders, banks, insurers, trust companies, and securities houses to expand capital.  [10/06/10]