China Development Bank Corp. said Tuesday it has established a firm in Hong Kong for its offshore investment activities.

The company, CDB Capital International Holdings Ltd., has signed strategic partnerships with private equity firms TPG Inc., Kohlberg Kravis Roberts & Co. and Permira, as well as Hong Kong-listed property outfit New World Development Co. (0017.HK), underscoring its effort to participate in direct investment and asset management overseas, the Chinese government-owned lender said.

"The new investment firm will make use of Hong Kong as an international financial hub for China...and hopes to become a financing platform for Chinese companies to 'go outside' and foreign companies to get into China," said China Development Bank chairman Chen Yuan at an opening ceremony for CDB International.

-By Fiona Law, Dow Jones Newswires; 852-2802-7002; fiona.law@dowjones.com

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