www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

Make me your Homepage
left corner left corner
China Daily Website

Madoff takes shine off market

Updated: 2009-02-23 08:01
By Bi Xiaoning (China Daily)

Madoff takes shine off market

The scandal surrounding Wall Street financier Bernard Madoff that is bankrupting hundreds of investors worldwide, even causing some to commit suicide, has also alarmed many rich Chinese who once believed everything that glitters in international marketplaces is gold.

Rich clients, scared by global market risks, may turn to local options, potentially boosting business for Chinese private banking services, said analysts.

The only known Chinese victim caught in the Madoff scandal so far is Tang Jun, the former Microsoft China CEO. Tang consigned his investments abroad to four foreign professional financial companies who, in turn, entrusted large parts of their portfolios to Madoff. Tang said in December he lost $2.76 million in the scandal.

Tang estimated over 30,000 Chinese millionaires use offshore financial companies to manage their wealth and that the number doing so has grown at 20 percent annually for the last several years.

"I learned not to blindly worship professional financiers and I learned I should focus private investment in China instead of overseas. My investment returns in China have remained over 30 percent annually since 2003," he said in an earlier TV interview. He added that he has decided to turn to the Industrial and Commercial Bank of China (ICBC) and other Chinese private banks for wealth management.

Scandals in overseas markets could tarnish the image of international financial services and help Chinese banks cultivate more high-end customers, said Tjun Tang, managing director with the China financial services practice of Boston Consulting Group (BCG),

"Wealth markets in China continue to rise and the global financial crisis is unlikely to end this trend. The crisis may prove more an opportunity than a peril for Chinese banks," he said.

Zhang Yue, an ICBC marketing director, said a large number of Chinese millionaires have consulted his team for private banking service over the past few months, especially since October 2008.

China's wealth management business has huge potential. The number of millionaires in US dollar terms in China reached 391,000 by Sep 2008 and grew 22 percent year-on-year for the past five years, according a BCG report. Only the US, Japan, United Kingdom and Germany have more millionaires than China. BCG also estimates the number of Chinese millionaires could reach 858,000 by 2012.

David Leung, CEO with the wealth management department of Standard Chartered Bank (China) Ltd, said Chinese demand for professional wealth management service will increase amid financial woes.

"Chinese millionaires are used to making investment decisions largely on their own and traditionally favor investing in real estate and equity markets. Their investment habit will likely to change over time, particularly with the recent stock market turbulence and sluggish property market," said Leung.

Tang Jun, the former Microsoft China boss who got burned in the Madoff scandal, agrees. "The value of the US stock market shrank over 42 percent last year, but only 30 percent of my investments suffered a loss. That's the difference between professional wealth management and individual investment."

Prosecutors accused the 70-year-old Madoff of operating a massive pyramid scheme illegally using money from new investors to pay previous ones. US officials say the fraud may have cost investors $50 billion.

(China Daily 02/23/2009 page6)

8.03K
 
...
Hot Topics
Geng Jiasheng, 54, a national master technician in the manufacturing industry, is busy working on improvements for a new removable environmental protection toilet, a project he has been devoted to since last year.
...
...
主站蜘蛛池模板: 日韩在线观看视频网站 | 国产成人艳妇在线观看 | 久久九九国产精品怡红院 | 怡红院老首页主页入口 | 91香蕉国产观看免费人人 | 天空在线观看免费完整 | 在线视频一区二区三区三区不卡 | 一区二区三区四区视频在线观看 | 嫩小性性性xxxxbbbb | 夜色www国产精品资源站 | 国产精品久久国产三级国电话系列 | 久久国产精品久久国产精品 | 亚洲欧美国产精品久久久 | 亚洲黄色三级网站 | 亚洲精品不卡午夜精品 | 国产一级毛片视频 | 欧美日韩成人午夜免费 | 日本护士视频xxxxxwww | 日韩美女在线视频 | 中文字幕在线视频网站 | 国产欧美在线观看不卡一 | 久色视频在线 | 国产久草在线 | 国内自产拍自a免费毛片 | 日韩视频在线观看中字 | 国产精品18久久久久久久久久 | 亚洲欧洲日产国产 最新 | 国产97在线观看 | 欧美大片一区 | 手机看片1024精品日韩 | 久久国产影视免费精品 | 色欧美与xxxxx | 日本免费高清视频二区 | 成人午夜免费视频毛片 | 亚洲成年 | 国产日韩欧美精品一区二区三区 | 久久精品国产亚洲片 | 亚洲最新网站 | 久久99精品久久久久久秒播 | 久草在线视频新时代视频 | 99在线观看精品免费99 |