China Resources Enterprise, Hong Kong flagship subsidiary of China Resources (Holdings) Company Limited, and global investment company Fung Investments announced the establishment of a USD 300 million joint venture investment platform (“the Joint Venture”), focusing on consumer goods and retail services and technology businesses. The two parties will each be responsible for USD 150 million of contribution to the Joint Venture.
The Joint Venture will make investments in offshore companies (non-PRC incorporated companies) in the lifestyle, fashion and healthcare sectors, which have potential for introduction to or expansion in China particularly in the Greater Bay Area. Leveraging on the distribution network of China Resources Group in China and the Fung Group’s global supply chain, the Joint Venture partners will help companies expand their businesses.
“By formally establishing the Joint Venture with Fung Investments, both China Resources and Fung Investments can give full play to their respective advantages in the future and bring consumer and lifestyle related quality brands products, services and/or innovative technology to the Greater Bay Area, to satisfy Chinese people’s ever-growing needs for a better life,” said Mr. Chen Ying, Chairman of the Board and Chief Executive Officer of China Resources Enterprise Ltd and Assistant General Manager of China Resources Group.
“The growth of Chinese consumerism is set to sustain growth and create abundant opportunities for consumer and lifestyle companies that are looking to do business in China. As more Chinese consumers are demanding for new, high‑quality brands, products, services and technologies, we are excited to join forces with CRE to invest in new consumption areas which offer great growth potential such as food, lifestyle, fashion and healthcare, ” said Dr. Victor Fung, Chairman of Fung Investments.