(Bloomberg) -- A Warburg Pincus-backed industrial park and infrastructure operator started a $1.2 billion joint venture to invest in life science parks in China, after President Xi Jinping’s “all out” infrastructure push. 

The venture partly formed by DNE Group, a Shanghai-based investor, focuses on new infrastructure including industrial parks and logistics. Together with an unnamed global institutional investor, the two will deploy about $1.2 billion in life science parks in top-tier Chinese cities, according to a Friday statement. 

DNE operates life science parks of more than 600,000 square meters in Shanghai and nearby cities. It has projects sized more than 1 million square meters in pipeline, the company said. 

China’s President Xi Jinping on Tuesday called for an infrastructure push in a latest bid to rescue economic growth. Earlier this year, the securities regulator planned to expand the trial of infrastructure-focused public real estate investment trusts, following the pilot program that started in June last year. 

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