Beijing Vantone and TCL to start business park JV

Beijing Vantone Industrial (600246.SH) has signed a framework agreement with electronics maker TCL Corporation (1070.HK) to form a US$36.91 million joint venture specializing in industrial and business parks investment, state media reported. Vantone will hold a 55% stake and TCL the remaining 45% in the new venture, Vantone Innovation Industrial Resource Investment. TCL Chairman Li Dongsheng said the company will bring in other investors and there are plans to list it in 2013 in real estate investment trusts. This is China’s first project where a property developer and a manufacturer are working together to tap into the industrial real estate sector. Vantone Industrial’s decision is being regarded as an effort to distance risk from the residential sector, where the government has tightened policies.