Vanke Founder Wang Shi Establishes New Private Equity Fund
Wang Shi, the 72-year-old founder of China Vanke, a prominent property developer in China, has ventured into the world of venture capital. Destone (Wuxi) Private Equity Fund Management Co., Ltd. recently registered with the Asset Management Association of China. The fund’s management scale is limited to 500 million yuan ($72,759,022), and Wang holds an indirect equity stake of 94.05% in this fund.
The new private equity Fund is wholly owned by Destone Holdings Management (Shenzhen) Co., Ltd., which has been established by Wang in June 2021. The company is also known as Destone Capital, according to The Paper. In 2022, when Hainan Free Trade Port Financial Development Center and Destone Capital collaborated to establish a fund, the signing party for Destone Capital was Destone Holdings Management (Shenzhen) Co., Ltd.
On April 8th of last year, Wang initiated an IPO application to the Hong Kong Stock Exchange for a special purpose acquisition company (SPAC) called Destone Acquisition Corp. The SPAC focuses on carbon neutrality and invests in green technologies that facilitate the transition towards a net-zero carbon economy. Additionally, it invests in environmentally friendly consumer goods and services that promote sustainability awareness while enhancing social and personal well-being.
SEE ALSO: Retired Property Magnate Wang Shi Files Hong Kong Listing Application for Destone Acquisition
Recently, Wang has been active in the venture capital circle with a focus on green technology and consumer goods and services related to environmental protection. At the Yabuli China Entrepreneurs Forum on March 19th, Wang discussed carbon emissions in the real estate industry. He noted that there is typically a positive correlation between development volume of real estate firms and carbon emissions. However, using data from 2021 as an example, Evergrande ranked first in development volume while Country Garden ranked second and Vanke ranked third. Surprisingly, despite being third in development volume, Vanke only ranked twenty-first in terms of carbon emissions.