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Sydney, Aug 27, 2009 AEST (ABN Newswire) - Macquarie Group Ltd. (ASX:MQG) said it has formed a Shanghai-based trust company joint venture with two state-owned companies.
Macquarie, which holds 19.99% in the new venture, can offer yuan-denominated financial products and arrange domestic and equity financing in China. Foreign company is only allowed to invest no more than 19.99% in a Chinese trust company. The two Chinese partners include Beijing Sanjili Energy Co., a state-owned power generation company, and Beijing Rongda Investment Ltd.
The joint venture has an initial capital of CNY300 million, Macquarie said.
Earlier this month, Macquarie Group also formed a joint venture with China Everbright Ltd. (HKG:0165) to set up two funds for investment in infrastructure businesses in the China.
Contact
Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net
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