Translated by CDT from Global Times Online (环球时报), which doesn’t name one of the key sources:
No wonder that Wall Street has smelled the enormous opportunity in serving the ever-growing Chinese rich. Now there’s one new growing service at major investment banks: helping Chinese coal bosses to manage their big bank accounts.
Mr. G, an investment banker, who is not identified by either his name or his bank, said his firm is quietly setting up business to just service the Chinese who struck the black gold amid China’s boom and thirst for energy. His firm is the first to set up such a business, with an entry level of wealth of $5 million in cash. “We welcome Shanxi coal tycoons the most, who lack professional asset management expertise,” Mr. G said.
And statistics have proved that there are plenty of clients to catch in China now. Nearly 5,000 Chinese have a net worth of more than $30 million, 345,000 worth over $1 million, according to a 2007 Merrill Lynch. [Full Text in Chinese]
