BEIJING, July 5 (Reuters) - China Chengtong Holdings Group and China Orient Asset Management Co on Friday jointly set up a special fund for the revitalisation of state-owned firms' land assets worth 30 billion yuan ($4.13 billion), the government-backed China Securities Journal said.
The fund will support state-owned firms to utilise their stock of land and existing buildings, and improve the efficiency of their capital allocation through direct investment and sub-fund establishment, according to the report released on Friday. ($1 = 7.2691 Chinese yuan renminbi) (Reporting by Ella Cao, Qiaoyi Li and Ryan Woo; Editing by Christian Schmollinger)
