Foreigners Access China Via Joint Trusts
From Caijing Magazine:
In a move likely to foreshadow increased overseas access to China’s growing financial sector, Beijing regulators have approved three joint trusts that combine foreign investors with Chinese institutions.
Meanwhile, Caijing has learned that the foreign access limits set last year by the Chinese Banking Regulatory Commission (CBRC) – a 20 percent cap for a single foreign investor, 25 percent for multiple investors — may be raised to 49 percent for joint trusts. Such a move would be in line with a current state policy that favors the gradual opening of the financial sector.
Foreign investors in the new trusts are the British bank Barclays, which teamed up with Xinhua Trust; National Australia Bank, which bought a stake in Lianhua Trust; and Britain’s Ashmore Investment Management, which signed a deal with Beijing Trust. Each overseas firm acquired up to 20 percent.