Climate Change Capital to spend $732 mln in China

HONG KONG, Nov 17 (Reuters) - London-based alternative investment manager Climate Change Capital plans to invest 5 billion yuan ($732 million) in environmental projects in China including industrial waste management and clean technology over the next two to three years.

The firm, which has not yet put its capital to work in China, is also looking to expand its investment in the world’s fourth-largest economy by setting up a yuan-denominated fund in the next two to three years.

Ka Keung Chan, managing director and head of China investments for the fund, said the financial crisis offers great opportunity for Climate Change Capital to boost its presence in the mainland as assets are cheaper and company owners have a harder time securing capital, said Chan.

"There are a lot of cheap assets lying out there. If you see the right company, this is the best time to negotiate," said Chan, who joined the firm in February after serving as managing director for renewable energy at Hong Kong electric utility CLP Holdings 0002.HK. (US$=6.8265 yuan) (Reporting by Leonora walet; editing by Tony Munroe)