CITIC, Australia’s Village To Establish $500M Investment Fund

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China’s state-owned conglomerate CITIC Group has agreed to jointly establish a series of investment funds with Australian entertainment firm, Village Roadshow Limited, to invest in theme parks, entertainment facilities and related real estate development throughout Asia, with a particular focus on China, according to a company announcement.

The two parties will establish the first fund with approximately US$500 million, to be denominated in RMB, later in 2015. It will be followed by the creation of a number of future funds in the next few years.

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