The Changsha National High-Tech Industrial Development Zone (CSHTZ) and Changsha branch of the Shanghai Pudong Development Bank (SPD Bank) have reached an agreement on establishing a high-tech industrial fund for the city in Hunan province. 

The fund will contribute 5 billion yuan in the initial stages to support the development of Yuelu Mountain Hi-Tech Park (also called Lu Valley), a core park directly managed by CSHTZ. 

Under the agreement, the Changsha Branch of SPD will initiate an industrial development fund in Hunan province, known as the Pu Xiang Fund, as an investment platform to support Hunan regional economic development and industrial upgrading. The Changsha high-tech industrial fund will be one of the special funds worth 5 billion yuan, to invest in projects development in Lu Vally over the next five to seven years.

Chen Xin, vice-president of SPD Bank, He Jihua, vice mayor of Changsha, Luo Shehui, party chief of CSHTZ, and Li Zheng, president of SPD Changsha Branch, attended the signing ceremony on Nov 26.

By the end of this October, SPD had given credit to more than 500 Lu Valley clients, involving a total amount of 20 billion yuan. It also established a science and technology park in the zone, providing all-round, multilevel financial services to a large number of enterprises.