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Vanke, BYD team up for 1.1B yuan tech and logistics fund

Property developer China Vanke Co. Ltd. and electric carmaker BYD Co. Ltd. plan to set up a fund of about 1.1 billion yuan investing in industries including technology and logistics, The Standard reported, citing company announcements.

Vanke subsidiary Chengdu Vanke Real Estate Co. Ltd. will set up the private equity fund with partners BYD and another company backed by IDG Capital.

In August, Vanke recorded a 15.1% contracted sales growth to 44.13 billion yuan, and a 7.77% contracted sales area rise to 2.77 million square meters.

As of Oct. 7, US$1 is equivalent to 7.15 Chinese yuan.