Hisense Named Official Partner of FIFA Club World Cup 2025
01 Nov 2024 16:40
September 18: Viva China Holdings Co., Ltd. has announced that it has reached an agreement with Zhuhai Hengqin Huarong Zhifu Investment Management Co., Ltd., a subsidiary company of Huarong Real Estate Co., Ltd. This partnership will see the two sides establish the Sports Cultural Industry Fund with an aggregate contribution of RMB 1.5 billion (US$228.4m).
Huarong Zhifu and two wholly-owned subsidiaries of the Viva China Holdings will respectively invest 66.66%, 33.33% and 0.01% of the total capital in the fund. Meanwhile, Huarong Real Estate will provide financial and project consulting services to the Sports Cultural Industry Fund in its ordinary course of business.
The Sports Cultural Industry Fund targets investing and participating in prospective community development projects, including the development of Li Ning Sports Parks, sports towns and sports communities.
Other sport-related projects in China brought about by the preferential state policies and the evolution of the sports industry during the 13th Five-Year Plan period will also become the potential targets of the fund.
Furthermore, the fund may also invest and engage in intellectual property (IP) projects with a sports cultural theme.
Source: www.vivachina.hk and www.guandian.com
Proofread by William Logsdon
Expert insight | New changes on UEFA EUROs: growing maturity of Hisense and other Chinese brands
22 Jul 2024 19:18
Related coverage
Sports Industry Value Innovation Forum at Bird’s Nest
28 Nov 2016
Ledman Optoelectronic takes stake in Infront Sports & Media
14 Apr 2016
Rumours: CMC-backed Whaley to acquire CSL media rights
18 Feb 2016
Aston Villa takeover completed
15 Jun 2016
Internet companies change landscape of Chinese sports industry
27 Jan 2016
More from Yutang Sports
SPORTACCORD confirms Istanbul as Host City for 2025 Convention
13 Mar 2025
Hisense Named Official Partner of FIFA Club World Cup 2025
01 Nov 2024
A turning point for global sport: IBA President Umar Kremlev and Donald Trump Jr join forces
30 Sep 2025
The United States Tops Skema Publika's First Annual Sport and Soft Power Ranking
27 Mar 2025
When New tournaments Meets New Tech, the Old Friend of Football Has New Stories
14 Jul 2025
Yutang Sports
loading...