Reuters reported that private equity firm TPG Capital has agreed to sell its China leasing business UT Capital Group to Haitong International Holdings, a unit of Haitong Securities, for $715 million.

UT Capital’s main operating subsidiary, UniTrust Finance & Leasing provides equipment leasing services to SMEs in the construction, medical, education and technology industries, among others. China’s 4.3 million SMEs accounts for 60% of China’s GDP and 75% of new jobs created in the country, Reuters said.

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