Internet data center fund set to boost IT industry

Japanese trading company Itochu and Chinese conglomerate CITIC Group will jointly launch a fund investing in China's internet data centers, aiming to be not only a business success but also a boost to the country's IT industry.

By establishing the fund, the two parties will build the infrastructure of internet data centers - or IDCsin China, lease them to Chinese IDC operators, and distribute rental income to investors.

The first phase of the fund plans to raise $500 million and will be launched around the end of March, when it will start to invest in IDC infrastructure worth $1 billion.