ICBC International, an investment banking unit of Industrial and Commercial Bank of China Limited (ICBC, SHSE: 601398 and SEHK: 1398), has agreed to set up a private equity (PE) fund in cooperation with Hainan Airlines Co., Ltd. to shore up the fast-growing tourism industry in Hainan, a province in south China.

The fund, which will try to raise around CNY 5 billion in the initial fundraising, will bankroll projects such as tourism infrastructure construction, scenic spot upgrade, and supporting facilities reconstruction to give the Hainan tourism industry a boost.

The two partners will set up a joint venture for the management of the to-be-launched fund, according to an agreement inked lately. Notably, the fund, initiated to focus on projects in the tourism industry, is entitled to allocate part of the capital in online traveling service projects as well, according to a Hainan Airlines executive in charge of the fund project.

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