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China Vanke to buy stake in fund backed by media tycoon

A unit of China Vanke Co. Ltd. plans to purchase a 13.96% interest in a culture fund owned by Chinese media magnate Li Ruigang for 1.05 billion yuan, the company said in a statement Dec. 3.

The investment in the Suzhou Chinese Culture Investment Center fund, which will be focusing on investments in the culture and entertainment field, will help "accelerate the company's strategic transition," according to a company statement.

The size of the fund is 7.52 billion yuan and it has attracted seven other investors, including a unit of Alibaba Group Holding Ltd., which secured a 24.46% stake in the fund for 1.84 billion yuan.

As of Dec. 1, US$1 was equivalent to 6.62 yuan.