Macquarie, the Australian bank, has created a $729m investment fund with an arm of the China Everbright financial group to take advantage of increasing strains in the financing of infrastructure projects in greater China.
The credit-fuelled surge in building roads, power plants, railways, airports and wastewater projects over the past two years by China’s local governments and state enterprises has led to serious concerns about their ability to pay for many of these projects.
The fund will focus on about 150 infrastructure projects and hopes to be in pole position for possible future sell-offs of state holdings in such assets.
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