2010-07-19 14:02

China Huarong Asset Management Corp formed a private equity fund with Chongqing Yufu Assets Management Co, a local financing vehicle in the western municipality, the China Securities Journal reported today, citing Huarong.

The fund aims to raise 10 billion yuan ($1.47 billion), the newspaper said, citing the company. Huarong owns a 70 percent stake in the fund and Yufu has the remaining 30 percent stake, the newspaper said.