(Yicai Global) April 18 -- The retired founder of Chinese real estate giant China Vanke set up a private equity fund at the end of last year, demonstrating that the 72-year-old has no intention of slowing down as he branches into venture capital.

Destone Capital, which was formed in November 2022, was registered with the Asset Management Association of China on April 11 and is licensed to manage up to CNY500 million (USD72.7 million) in assets, according to the association’s website.

Wang Shi, who is also honorary chairman at Shenzhen-based Vanke, holds a 94 percent stake in the fund through an investment vehicle that he owns.

Destone Holding Management Shenzhen was set up in 2021 and has bought into three firms to date, all related to sports, according to corporate data platform Tianyancha.

Wang has been keen to invest in new businesses after his retirement. He has set up venture capital firms in Israel and Japan, but their investment targets are mostly in China, Wang said in an interview in 2020.

He also formed Destone Acquisition Corp, which helps carbon neutral companies realise mergers and acquisitions. The company filed to go public on the Hong Kong Stock Exchange as a Special Purpose Acquisition Corporation in April last year.

China's low-carbon technology may give rise to a market worth CNY400 trillion (USD58.1 trillion), Wang said previously. He began to pay attention to green and low carbon tech as early as 20 years ago, and this made him confident that he can also succeed in these areas.

Editor: Kim Taylor