China Buying fast

Filed in archive Investing on April 18, 2007

In a Reuters article today "" a newly launched fund, Hua An Fund Management Co. attracted more than 30 billion yuan in subscriptions on its first day of launch, forcing Hua An to close the sale as it was only allowed to raise a maximum of 10 billion yuan for the product.

Another fund, launched the same day, Lord Abbett China Asset Management Co., which is 49% owned by U.S. fund management company Lord Abbett & Co., raked in 8 billion yuan for a stock fund in just one day as well.

The article also says that jpmorgan Chase & Co.'s Chinese fund management venture also received nearly 90 billion yuan of subscriptions to its new equities fund in a single day -- over 10 times its original sales target.

The China rate increase.