Asian brokerage CLSA Ltd. and Hong Kong-based First Eastern Investment Group are setting up yuan-denominated private equity funds in Shanghai, hot on the heels of Blackstone’s announcement last week that it will set up a similar fund in the city in the city , Wall Street Journal Blogs reports.
Chinese shares rebounded Tuesday after suffering the biggest one-day fall of the year but investors were uneasy about corporate earnings.
The benchmark Shanghai Composite Index rose 40.25 points, or 1.4 percent, to close at 2,910.88. The Shenzhen Composite Index for China's smaller second exchange gained 1.3 percent to 968.39.
The rally that has pushed the Shanghai index up nearly 90 percent this year is unlikely to revive immediately, though the market should rise in the longer term, said Tang Yonggang, an analyst for Hongyuan Securities in Beijing , BusinessWeek reports.
"Our business model of selling commercial properties in the most dynamic city centre areas ... has already earned considerable success in Beijing," said SOHO China Chairman Pan Shiyi in the statement.
"We are confident that this model can be applied to Shanghai as well," said Pan, an influential Chinese property tycoon.
The SOHO China statement also confirmed an earlier Reuters report regarding the amount that SOHO China paid to Morgan Stanley for the Shanghai property , Reuters reports.
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