BEIJING, July 5 -- China held a founding ceremony on Friday marking the official establishment of a special fund to revitalize the land assets of state-owned enterprises (SOEs).

Approved by the State-owned Assets Supervision and Administration Commission of the State Council, the fund is worth 30 billion yuan (about 4.2 billion U.S. dollars).

The fund was jointly set up by China Chengtong Holdings Group Ltd. and China Orient Asset Management Co., Ltd. and will be managed by a wholly-owned subsidiary of Chengtong.

Guo Xiangyu, general manager of China Chengtong Holdings Group Ltd., said at the ceremony that the company will accelerate the exploration of how funds can effectively support the revitalization and utilization of land assets of SOEs, and further improve the utilization efficiency and effectiveness of state-owned capital.

The State-owned Assets Supervision and Administration Commission of the State Council has introduced a set of policies to promote the revitalization of SOEs' land assets, including encouraging SOEs to set up funds to meet the capital demand of land assets revitalization.