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. (00017.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.

European private equity firm Permira said it and CDB Capital aim to support Chinese firms as they look to expand in Europe and pursue private equity investment opportunities in China. "This partnership will also deepen Permira's ability to source deals for its existing global portfolio of companies who are seeking to invest and expand further in China," the fund said in a statement.