China Development Bank eyes overseas expansion

State-owned China Development Bank (CDB) has set up an overseas investment platform and formed strategic partnerships with global private equity funds KKR (KKR.NYSE), Permira and TPG Capital in an effort to accelerate its global expansion, Reuters reported. “Hong Kong-based CDB International [CDB’s investment subsidiary] will participate in direct investment and asset management, making use of the CDB brand and government resources to help Chinese companies invest overseas,” CDB said in a statement Tuesday. The Beijing-based bank also said it had signed an agreement with Hong Kong property developer New World Development (0017.HKG). The tie-ups are part of CBD’s goal to transform into a commercial lender that will fund Chinese companies’ overseas expansion with capital of US$94.3 billion over the next 10 years.