China Huarong Asset Management, the country’s largest asset management company, is set to face stiffer competition from new market participants as the nation’s financial industry evolves into a more complex structure, chairman Lai Xiaomin told FinanceAsia.
China’s four largest asset management companies have long enjoyed total domination in the industry due to their close ties with the central government and policy banks, which allows them to secure bank funding at lower rates and gets them access to proprietary deals from collateralised loans to distressed property assets.
This advantageous scenario is however changing with the Chinese authority opening up the asset management industry as part...
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