In June 2011, CDB Yuanrong Asset Management Co., Ltd., a wholly-owned subsidiary of CDBC, was incorporated with a registered capital of RMB 1.1 billion, with the aim to implement CDB’s strategic decisions on transferring some immovable assets to CDBC, actively explore diversified development models for commercial real estate funds and build “an institution under the brand of CDB for investment in and operation of commercial immovable assets”.