AVIC establishes aviation fund with China Construction Bank

Aviation Industry Corp of China (AVIC) stated it has established the country's first aviation fund with China Construction Bank, with AVIC attempting to raise CNY5 billion (USD737 million) in phase one and a total of CNY20 billion (USD3 billion) (shanghaidaily, 08-Jul-2010). The fund has already raised CNY1 billion, with the Tianjin Government pledging to invest between CNY500 million and CNY1 billion.