China Fortune Land sets up Silicon Valley incubator

Shanghai-listed China Fortune Land Development (CFLD) Co., Ltd., an industrial zone developer and operator, said on Tuesday it has set up a wholly owned subsidiary in Silicon Valley.

The new company, CFLD Incubator Services, Inc., aims to concentrate and use the world's most advanced technologies to incubate high-tech industrial projects, the company said in a statement filed with the Shanghai Stock Exchange on Tuesday.

CFLD president Hu Zhenyu said in Beijing on Tuesday that the incubator will mainly invest in high-tech industries such as clean energies, new-generation information technologies and bio-medicine.

"The CFLD wishes to seek a bridge connecting Chinese and American industries through the incubator," Hu said, adding that the unit will provide an innovative way to translate technological innovation to the Chinese market.

Founded in 1998, the CFLD is an enterprise group that provides industrial, logistics and commercial facilities as well as investment, production and government affairs services for companies.