Korea Economic Daily: Chinese Government to Invest $1 Bil. in Korea through Private Equity Fund
July 11, 2014
A Chinese private equity fund firm that invests money on behalf of the Chinese government and state-run enterprises will make inroads into Korea. This is a new development following the recent announcement by the Bank of Korea that the People's Bank of China has appointed the Bank of Communications Ltd. as a clearing bank for the direct won-yuan trading in Korea.
Yong Kwek Ping, CEO of Inventis Investment Holdings (China) Ltd., one of China's oldest private equity firms, said on July 10, "Of the 18-billion-yuan [US$2.9-billion] offshore fund created by public funds, we decided to invest 6 billion yuan in Korea, focusing mostly on cultural contents including restaurant brands, Dongdaemun shopping malls, TV and movie production companies."
This is the first time for a Chinese government-backed private equity fund to invest in Korea...