Shanghai (Gasgoo)- BYD announced on October 8 its cooperation with China Vanke Co.,Ltd, a leading property developer in China, for a joint investment in a technology and logistics fund.
According to the announcement, BYD Auto Industry Company Limited, a subsidiary of BYD, entered into an agreement with Chengdu Vanke Real Estate Co., Ltd. and a Tianjin-based investment management service provider to co-invest in a limited partnership fund.
In this transaction, BYD's and Vanke's subsidiaries will act as the fund's limited partners.
（Photo source: BYD's WeChat account)
Targeting valuable sub-funds in technology and logistics fields, the aforesaid fund will draw an investment of RMB1.101 billion in total, of which RMB0.6 billion and RMB0.5 billion should be subscribed by BYD's subsidiary and Vanke's Chengdu branch respectively.
BYD said the fund is to earn long-term investment returns for its partners through acquisition, possession and disposal of invested projects.
The crossover cooperation between the automaker and the real estate developer conveys different strategic visions of both parties. BYD stated that the step-up collaboration with professional investment entity can help it obtain funding resources, cement its investment capability and expand its business ecosystem, so as to enhance the company's industrial competitiveness.
Meanwhile, Vanke said the latest investment is in line with its established development strategy and is expected to help the company speed up the form of the position as “an urban & rural constructor and a life service provider.”
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