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China Glass and Hony Group Management have formed a joint venture to establish the Belt and Road Glass Fund, which will invest in glass factories in Belt and Road Initiative countries. Hony Group plans to invest about US$300 million in the fund. The fund has already confirmed the acquisition of a 69.71% stake in Orda Glass, which owns a project to build a float glass line in Kazakhstan.
China Glass's subsidiary Zhongbo International and Hony Group Management agreed to form a joint venture in the Cayman Islands to invest in glass production projects along the Belt and Road, with initial investment of $1.8 million.