Grand entry into Shanghai FTA to open joint venture bank

Sina Science and technology news September 29 morning, Shanda Group said today, has won the China (Shanghai) Free Trade test area of the business license, become settled enterprises. Shanda said at the same time, is currently preparing to set up a grand financial services company, intends to open the First Sino-Foreign joint Venture bank in the FTA. This is also following the hundred-vision, Hong-Yi Investment, the east payment, and then another announced the entry into the FTA in the domestic science and technology enterprises. Previously, the company announced and Microsoft (33.27,0.50,1.53%) jointly funded 79 million U.S. dollars to form a joint venture to operate the game, software business, into the FTA. In order to settle in from the trade area, grand New 100% Holdings of Shanghai Grand International Trading Co., Ltd. (hereinafter referred to as Grand International). Shanda's current business covers games, literature, video, anime and movies, and in 2013 the group expects revenue to be close to 10 billion yuan, with profits exceeding 2 billion yuan. Shanda Network President Chu Wenyu said, Grand International will specialize in foreign trade-oriented business related to culture. Grand Chief investment officer Zhu Haifa revealed that with the FTA policy measures on the ground, Shanda in the FTA also has more in-depth consideration and planning: first, the establishment of a grand financial services company and foreign banks are closely negotiating, intends to open the First Sino-Foreign joint Venture bank in the FTA Second, Shanda is based on its subordinate real estate investment enterprises Grand World, consider the issue of the first REITs (Real Estate Trust fund) possibility. It is understood that Shanda is also considering placing the Global Fund and Investment Management Centre in the FTA. At present, Shanda has a number of domestic renminbi funds and foreign direct investment Fund. Zhu Haifa said that if the renminbi capital account convertibility, will greatly accelerate the grand foreign investment in the pace of globalization. (LI)