Guangzhou officials and investors announce fund for SOE reform on April 18. [Photo/oeeee.com]

A massive fund of 150 billion yuan ($21.8 billion) was set up in Guangdong province on April 18 to boost structural reform of State-owned enterprises (SOEs), local media reported.

The fund, the largest ever in Guangdong, was established by the China Reform Holdings Corp, the Shanghai Pudong Development Bank and the Guangzhou Industrial Investment Fund Management Co (SFund).

To manage the fund, China Reform and three other equity firms opened a joint venture in Nanshan city with a registered capital of 100 million yuan.

The fund will raise 50 billion yuan in its first phase for investment in SOE structural reform, M&A, asset securitization and equity operation, according to an official at the fund management company.

He added that the company will strive to attract more private investment and financial projects to Guangzhou to propel its economic growth.