TOKYO -- Japanese brokerage house Daiwa Securities Group said on Monday that it has received the green light for its plan to launch a majority-owned joint venture in Beijing, a move that indicates Japanese banks' keen interest in business in China despite the U.S. efforts to isolate the country in a bitter trade war.
Under the plan, Daiwa will set up a joint venture, Daiwa Securities (China), with 1 billion yuan ($146 million) in capital. The joint venture will be 51% owned by Daiwa, 33% by Capital Operation and Management Center -- an investment company owned by the city of Beijing -- and 16% by Beijing Xicheng Capital Holdings.
