(Yicai Global) Nov. 2 -- Chinese All Digital Publishing Group [SHE:300364], a Beijing-based media company, will partner with several companies to set up a 'Public-Private-Partnership' (PPP) fund in Qingdao, East China's Shandong province, to accelerate the building of a smart city.
The company will set up the CNY10 billion (USD1.51 billion) fund with a maturity of 10 years together with China Railway Construction Corporation Limited [SHA:601186] and Bank of Qingdao [HK:3866] as well as several hi-tech firms and fund management companies, said a statement issued by the company today.
Once the fund is established, each company will participate in Qingdao's government-enterprise cooperation projects by setting up sub-funds. The fund will raise proceeds in phases and can only do so by establishing a PPP project.
The new fund will boost the city's smart city building and help implement its "culture plus" strategy to enhance its core competiveness in the public culture service sector.