From Caijing Magazine:
A senior executive for a British bank’s China equity fund exuded frustration while promising to keep his nose out of the mainland’s booming real estate market.
“Don’t mention real estate,” the executive for Standard Chartered Bank‘s Greater China private equity fund told a Caijing reporter. “From now on, I won’t take part in anything that has to do with real estate investment.”
The executive spoke in June, one day before China’s press reported that the government’s State Administration of Foreign Exchange (SAFE) had penalized 29 Chinese and foreign investment institutions for illegally dabbling in real estate. The firms were cited for “helping venture capital from overseas enter China through trade and investment channels” to unlawfully invest in China’s real estate and stock markets. [Full Text]
