Related News
Pudong plans to establish fund of funds
Online Edition
SHANGHAI’S Pudong New Area is planning to set up a fund of funds worth up to 5 billion yuan (US$808 million) by the end of the year as part of an effort to fuel the hedge fund sector, said Shi Haining, director of the district’s Financial Services Bureau.
“In a bid to support hedge funds in Pudong the local government is considering creating a hedge fund worth between 3 billion yuan (US$484 million) and 5 billion yuan,” Shi told an investment forum over the weekend.
The fund will be part of a 10 billion yuan government fund for financial development in the area that is likely to be launched at the end of the year, Shi said.
A fund of funds is an investment vehicle holding a portfolio of other investment funds as opposed to stocks, bonds or other securities.
Shi said the government also has decided to offer one-off subsidies to newly established hedge funds and incentives to hedge-fund executives and talents. Details of these policies will be announced later this month, Shi added.
Pudong, the financial hub of Shanghai, is now home to 300 hedge funds with total assets of around 100 billion yuan under management.
Despite a slow start, China’s hedge fund industry is undergoing rapid growth as the government gradually deregulates the capital market. A rising number of wealthy individuals also underpinned demand for alternative investment products.
Paul Smith, managing director of CFA Institute’s Asia-Pacific operation, said last month the Chinese hedge fund market has been valued at about US$40 billion, the biggest in Asia.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
