Beijing-based investment banking and private equity firm Zuoyu Capital has teamed up with Zhejiang Travel Group to establish a RMB2 billion (US$295 million) private-public fund to invest in tourism services and platforms associated with ancient villages in the province.
The fund aims to raise RMB1 billion initially, then expand to RMB2 billion later, it announced today.
It has secured state-owned entities including Zhejiang Provincial Financial Holdings Co., Ltd., Hangzhou Bank, as well as public companies including Wasu Media, as limited partners.
There are 2,555 certified ancient villages in China in 2015, 276 of which are located in Zhejiang province. These ancient villages attract great numbers of tourists.
The fund plans to help ancient villages in Zhejiang pro...
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