Hongkou hedges future as finance hub
Print Edition
Around 38 hedge fund companies are expected to be located in China’s first hedge fund zone in Shanghai’s North Bund in Hongkou District by the end of 2014 as the area bids to become another financial center.
By the end of this year, eight hedge fund management companies are set to move to the zone while about 30 will be located there by the end of 2014, Wu Qing, Party secretary of the district, told a press conference yesterday.
“A complete financial ecological system will be established in the zone by also attracting banks, brokerages, financial data providers and third-party sales institutions,” Wu said.
Hongkou is expected to become a financial center focusing on hedge fund activities as it differentiates itself from Lujiazui in the Pudong New Area, he noted.
Hedge funds, a type of pooled investment vehicle, are burgeoning in China, with private equity funds being the major players.
The North Bund has seen 105 financial institutions open offices there between January and June — up 20 percent from the same period in 2012.
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