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Unit of China’s sovereign wealth fund takes over Xiao Jianhua-linked Heng Feng Bank in third case of nationalisation since May

China’s sovereign wealth fund has taken over Heng Feng Bank, a troubled lender linked to fugitive financier Xiao Jianhua, in the third case in as many months of the state exerting its grip over wayward financial institutions.Central Huijin Investment, a subsidiary of the China Investment Corporation that acts as the Chinese government’s shareholder in the country’s four biggest banks, has emerged as a strategic investor in Heng Feng, according to a brief report overnight by Shanghai Securities… Source link

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China, Hong Kong high-net-worth individuals led US$2 trillion decline in global wealth last year, Capgemini says

High-net-worth individuals in Asia-Pacific accounted for about half of a US$2 trillion drop in global wealth last year, according to consultancy Capgemini’s latest annual wealth report. China accounted for about 25 per cent of the decline, while Europe as a whole constituted another 24 per cent of the overall drop.The total wealth of Asia-Pacific high-net-worth individuals – people with US$1 million in investible assets or more – dropped 4.8 per cent between 2017 and 2018, the highest among any… Source link

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UBS wealth management unit thinks mainland equities could perform well in second half, beating out gold and real estate

Trade talks between Beijing and Washington have entered a new normal, characterised by a drawn out cycle of progress followed by renewed tensions, a relationship based on repetitive conflict that adds up to higher volatility for China and Hong Kong equities, according to UBS.But supportive policies from Beijing means there could be 10 per cent upside in Chinese equities, while Hong Kong’s market, which has no immediate stimulus, is likely to underperform, said Eva Lee, head of Hong Kong… Source link

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Hong Kong’s affluent are looking to Singapore for insurance and wealth diversification, amid ongoing civil protests in the city

Insurance technology start-up Singapore Life has reported a 30 per cent uptick in demand from Hong Kong’s high net worth individuals seeking insurance products with legacy planning options, as the recent protests in the city has spurred more Hongkongers to consider parking their wealth in Singapore.Founder Walter de Oude told the Post that over the past three months he has seen some “20 to 30 per cent” growth in applications for its universal life insurance products from Hong Kong residents… Source link

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Malaysia’s sovereign wealth fund appoints SenseTime founder to board as it seeks to expand tech investments

Malaysia’s sovereign wealth fund has appointed the founder of artificial intelligence start-up SenseTime as a board member – marking the first time a foreign national has been formally appointed to such a position at Khazanah Nasional.Tang Xiao’ou, a mainland Chinese national and professor at Chinese University of Hong Kong, will advise on AI-related matters, according to an announcement on Monday.The fund also appointed Malaysian national Lau Seng Yee, senior executive vice president and… Source link

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Chinese middle class expects yuan to decline amid trade war, eyes offshore investment to secure wealth

Chinese households expect a weaker yuan amid a tit-for-tat US-China trade war and are increasingly looking at offshore investments to safeguard their wealth against a slowing economy and stuttering stock market at home, according to a survey released on Tuesday.The poll, conducted by market research firm Nielsen for Bank of Communications (Bocom) every two months, found that 26 per cent of 1,830 respondents planned to buy assets denominated in foreign currencies in the coming six months.The… Source link

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CITIC Securities Brokerage HK strengthens its wealth management platform

[Sponsored Article] “In the past six months, we have shifted our focus towards wealth management services,” says Tony Leung, Chief Executive Officer of CITIC Securities Brokerage HK. “As the market evolves, we have seen growing number of clients with greater demand on sophisticated wealth management products.  As such, client demands lead us to gradually transform the company from traditional securities brokerage business to wealth management.” Strong demand for wealth management services … Source link

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Investment 

Standard Chartered first quarter profit up 2 per cent as weak markets, lower wealth management activity weigh

Standard Chartered said on Tuesday that its profit rose 2 per cent in the first quarter, as a weak market environment and lower wealth management activity weighed on its results and trading revenue at its closest banking rivals.The bank, one of three lenders authorised to issue Hong Kong’s currency notes, reported a profit of US$818 million in the first quarter, compared with US$803 million in the same period a year ago.In the quarter, Standard Chartered took a previously announced charge of US… Source link

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China 

Singapore’s sovereign wealth fund GIC and Chinese mall operator Grandjoy to kick off China’s first listed real estate trust

Singaporean sovereign wealth fund GIC and its long-term Chinese ally, the mall operator Grandjoy Holdings Group, have been selected for a pilot programme that will allow individual Chinese investors to buy shares in rent-yielding properties for the first time.Grandjoy, the property arm of state-owned conglomerate Cofco, was picked by the securities regulator as one of several firms to try China’s first publicly listed real estate investment trust (Reit), its chief financial officer, Xu Hanping,… Source link

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Europe’s richest man Bernard Arnault is closing his wealth gap with Gates and Buffett as LVMH shares advance to a record

Bernard Arnault, Europe’s richest man, got another boost as LVMH shares reached a record due to better-than-expected sales of Louis Vuitton handbags and leather goods.The Frenchman, whose fortune has increased by more than US$19 billion in 2019, is rubbing shoulders with Bill Gates and Warren Buffett in the Bloomberg Billionaires Index, with a net worth of more than US$87 billion.LVMH shares rose as much as 4 per cent Thursday to €342.80, the highest level since the stock was listed in October… Source link

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