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Citic, Itochu agree to form fund for Chinese data centers

Chinese conglomerate Citic Group Corp. and Japanese trading house Itochu Corp. agreed to create an investment fund in Singapore that will develop data centers in China, the Nikkei Asian Review reported.

The pair is jointly raising an initial amount of ¥100 billion over the next few years for the platform, which could be China's first data center-focused investment fund, according to the publication. The companies are also planning to take the fund public and grow its capital to a few hundred billion yen.

The planned investment fund will lease data center facilities to Chinese information technology companies. It aims to capitalize on the further improvement of the sector that is supported by the growth of big players including Alibaba Group Holding Ltd. and Tencent Holdings Ltd., the Jan. 15 report added.

As of Jan. 14, US$1 was equivalent to ¥108.24.