CMIG bets big on Belt and Road drive

A consortium of financial institutions in Asia - led by China Minsheng Investment Group - said it is betting big on the Belt and Road Initiative and will spend many billions of dollars to get onboard the investment boom.

CMIG, the country's biggest privately owned investment conglomerate, said it had teamed up with its regional peers to set up a fund worth $10-$15 billion in Hong Kong last week, in their quest for first-mover advantage in the Belt and Road push.

The strategic partners comprise a long list of well-established names across the region.