China National Sports Group and Singapore’s White Group agree sport investment cooperation
China National Sports Group and the Singapore-based investment and development firm, White Group, have announced the launch of a new fund that aims to attract international sporting events and development of the sport industry in the wider region.
With an initial capital fund of RMB2 billion (US$276 billion), the Sino-Singapore International Sports Industry Fund will be leveraged to acquire the rights of top-tier international sporting events and for the construction of the Sino-Singapore International Sports City in the Guangdong-Hong Kong-Macao Greater Bay Area.
With the theme of ‘Connecting the World, Gathering Dreams, and Leading the Future’, the partnership will also seek to create a group of international-level stadiums and supporting facilities that will cater for popular sports.
The investment will be gradually increased moving forward according to the needs of the market, with the White Group to work with China National Sports Group to conduct extensive cooperation across sports event investment and operation management, integration of investment, construction and operation of sports venues, sports technology, international sports industry funds and sports derivative businesses.
Announced last week at a signing ceremony held at the Beijing Sports Centre, Gu Haoning, Secretary of the Party Committee and Chairman of China National Sports Group, stated "China's sports industry has embarked on a remarkable journey over the past few decades, evolving from a less significant position to one of strength and importance.
“In recent years, attention at the national level combined with supportive policies have created an unprecedented focus on the sports industry.
“Meanwhile, Singapore's government and relevant investment firms have maintained an optimistic outlook on China's long-term economic growth and are seeking opportunities to expand their investments in the country.
“The trade relationship between China and Singapore is characterized by mutual synergies, open communication between governments and businesses, and a strong willingness to collaborate.
“Leveraging mutual trust and market compatibilities, China National Sports Group and White Group are joining hands to drive the development of the sports industry. This collaboration marks an exciting step toward the future."
Peh Chin Hua, Executive Chairman and President of White Group, added "we are deeply honored to have the opportunity to join forces with China National Sports Group, and we look forward to achieving remarkable milestones in the world of sports.
“Collaboratively, we will acquire the rights to and operate some of the world's most prestigious international sporting events. In this fortunate collaboration between our two nations, we are thrilled to join forces to support the international sports industry, fostering its steady and healthy development, and making a positive contribution to global peace in our interconnected world."
Both parties will work together to create a closed-loop business model in which sporting events help to increase the popularity of venues, while content drives the utilisation and design of physical spaces.
The collaboration will also extend to the development of sports training, the management of star athletes, platforms for digital sporting events, e-sports research and operations, sports data research and sports rehabilitation and training programs.
The cooperation is a significant development in the international sports industry, not only opening doors to further cooperation within the industry, but also representing a significant opportunity to strengthen links between China and Singapore.
Image: Officials and executives at the signing ceremony including Gu Haoning; Peh Chin Hua; Wei Weige, Deputy Secretary of the Party Committee and Vice President of China National Sports Group; Qiu Qiangsheng, Vice President of China National Sports Group and Wei Shengfan, General Manager of Chinese Tennis Sports of Beijing. Credit: China National Sports Group.
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