Money

CCB, AVIC start $2.95b aviation-industry fund

(Agencies)
Updated: 2010-07-07 11:40

China Construction Bank Corp (CCB) and China Aviation Industry Corp (AVIC) started a fund to boost the country's aviation industry, according to a statement posted on the lender's website today.

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The fund, which plans to raise as much as 5 billion yuan ($737.67 million) in the first phase, aims to boost capital to 20 billion yuan eventually, according to the statement.