HNA Group’s unit HNA Capital said it will lead two funds totaling 20 billion yuan (US$3.17 billion) that will focus on investments linked to the Belt and Road Initiative of the world’s second-largest economy.

Through these two funds, HNA Group’s financial arm will prioritize projects in the infrastructure, financial services and high technology sectors across China and Southeast Asia, it said in a statement Tuesday.

The company did not provide any other key details about the two funds, including how much it will invest in the funds or whether other investors would participate in them.

The move marks the latest effort of the indebted airline-to-property conglomerate to show support for the Belt and Road Initiative, which was introduced in 2013.

The initiative is aimed at building a modern-day economic “Silk Road,” connecting China by land and sea to Southeast Asia and Central Asia, and beyond to the Middle East, Europe and Africa.

Another HNA unit — HNA Innovation Finance, whose portfolio firms include Singaporean logistics provider CWT Ltd., said in January that it would focus on deals that are mapped out under the Belt and Road Initiative.

In a separate statement, HNA Group said it would team up with Asia’s biggest warehouse operator, Global Logistic Properties, to build out a global logistics network and establish fund management firms to focus on areas such as aviation logistics.

Last July, Global Logistic Properties was acquired by a Chinese private equity-led consortium for US$11.6 billion.

After announcing US$50 billion of deals over two years, HNA has been in the spotlight together with other Chinese conglomerates. The group has also faced questions over its shareholding structure and debt.

(SD-Agencies)