Vietnam 

Gold selling price’s rise varies from store to store on God of Wealth day – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Customers buy gold for luck at Bảo Tín Minh Châu Jewellery and Gemstone Company. Viet Nam News HÀ NỘI — Gold selling prices witnessed an increase at some stores while in others unchanged on God of Wealth Day, the 10th day of the Lunar New Year, which fell on February 14 this year. Legend has it that the God of Wealth returns to heaven on this day, so Vietnamese people have a tradition of buying gold for luck and prosperity throughout the year. At 8:15 this morning,…

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Vietnam 

Gold market heats up ahead of God of Wealth Day – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HÀ NỘI — The domestic gold market is heating up with gold shops introducing various products to take advantage of huge demand on the God of Wealth Day, which falls on the 10th day of the Lunar New Year (February 14). Legend has it that the God of Wealth returns to heaven on the 10th day of the new year, so Vietnamese have a tradition of buying gold for luck and prosperity throughout the year. Representatives from DOJI Gold & Gems Group joint stock company (DOJI) said…

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Money 

China’s wealth gap widens as more than half of its provinces missed growth targets

China’s economic development gap is widening with tougher times looming after more than half of its provinces missed their economic growth targets last year and the effects of the trade war with the US taking a toll on the domestic economy. Seventeen of 31 Chinese provincial-level divisions failed to meet their gross domestic product growth rate goals in a year where the national economy expanded at 6.6 per cent, its slowest pace in 28 years, according to a review of local annual economic reports by the South China Morning Post.…

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Home 

Four Chinese tycoons just transferred US$17 billion of their wealth to trusts as government toughens up tax regime

Four Chinese tycoons transferred more than US$17 billion of their wealth into family trusts late last year, underscoring how the rich are scrambling to protect their fortunes from the nation’s newly toughened tax regime. The latest example came from billionaire Sun Hongbin, chairman of real-estate developer Sunac China Holdings, who disclosed in a filing in Hong Kong on January 12 that he shifted most of his stake in the company to South Dakota Trust on December 31. Longfor Group Holdings Chairwoman Wu Yajun, one of China’s richest women, made a…

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Home 

Bank of China, China Construction Bank get wealth management units in shake up of US$4.3 trillion industry

Beijing has given two of China’s biggest banks the go-ahead to set up wealth management units, a move that could create a new growth engine for an industry struggling to sustain profitability. The Bank of China and China Construction Bank have received their approvals from the China Banking and Insurance Regulatory Commission (CBIRC), the regulator said in a statement on Thursday. The go-ahead comes three weeks after the commission published the regulations governing these wealth management units. Asset managers in Asia could see revenue double by 2022 on growth in…

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Investment 

Hong Kong-listed stock broker Haitong International to hire 500 wealth managers as its bucks downturn

Haitong International Securities Group, the largest mainland-backed stockbroker in Hong Kong by net assets, plans to hire an additional 500 wealth managers and has bought a brand new 12,000 square feet office in Wong Chuk Hang as part of its expansion plans, according to a senior executive. Haitong, the first Chinese broker to get a licence to act as market maker on Nasdaq in October, has seen its wealth management business improve significantly in recent times, making it one of the few Chinese companies to keep hiring despite the market…

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Home 

China’s online wealth management index falls for first time in five years as sector hit by tighter regulation

An index measuring the growth of China’s internet wealth management industry has fallen for the first time since 2013 as tighter regulations on shadow banking force some platforms to withdraw from the market. The index, which tracks the size of internet wealth management funds in proportion to the total financial assets held by Chinese citizens, declined to 563 points in 2018, down 23.5 per cent from the peak level of 695 points in 2017, according to a report released at a finance summit hosted by Tencent Holdings in Shenzhen on…

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Home 

HSBC and Chinese sovereign wealth fund prepare to make £1 billion bet on British companies

The sovereign wealth fund China Investment Corporation and HSBC are reportedly in talks to raise up to £1 billion (US$1.27 billion) to invest in British companies. The bank said that CIC was in discussions to create the fund focused on companies with ties to China, but did not confirm the amount. The Financial Times, citing sources, reported on Thursday that the fund could raise as much as £1 billion. HSBC, CIC and the British private equity firm Charterhouse Capital Partners are in “exclusive discussions to create a fund to invest…

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Money 

How Asia’s new money is driving boom in ‘family offices’ in Hong Kong and Singapore, set up as one-stop shops for all wealth management needs

Rich Chinese and other Asians are increasingly seeking more control of their wealth, driving a rapid rise in the number of so-called family offices, or private investment vehicles, being set up in Hong Kong and Singapore. As the wealthy target greater investment diversification and as business owners hand over the reins to successors, family offices are sprouting in the Asian financial hubs, taking advantage of incentives such as tax breaks and residency being offered. The family office is a relatively new concept in Asia, with less than 500 such entities,…

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Property 

Forbes China Rich List hints at ‘wealth destruction’ as billionaires take a hair cut

China’s billionaires have seen their wealth tumble dramatically amid trade war uncertainty, a weakening yuan and a general economic slowdown. The 2018 Forbes China Rich List was released Wednesday, showing the total net worth of China’s richest businesspeople dropping to US$1.06 trillion against a total net worth of US$1.19 trillion in 2017. The median net worth dropped from US$1.7 billion in 2017 to US$1.4 billion this year. Despite some positive outliers, the overall mood among China’s richest businesspeople must be glum. “The world has come to associate China with wealth…

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