Chinese state-owned company to invest $1.4b in Greater Bay Area

HONG KONG -- Guangzhou City Construction Investment Group (GZCCI Group), a Chinese state-owned company with about 370 billion yuan ($51.1 billion) in assets under management (AUM), has officially set up a 10 billion yuan fund to invest in the cultural industry in southern China.

GZCCI Group, which invests in, constructs and operates urban infrastructure, aims to raise 10 billion yuan for the new fund, the Guangdong-Hong Kong-Macao Greater Bay Area Cultural Industry Investment Fund I, the company announced Sunday.