HSBC Receives Approval for Joint Venture Fund Management Company in China

HSBC Investments has obtained approval from the China Securities and Regulatory Commission (CSRC) to establish a joint venture fund management company in China with Shanxi Trust and Investment Corporation Limited (Jintrust).

The new company, to be named HSBC Jintrust Fund Management Company Limited, will be headquartered in Shanghai and capitalised at 200 million yuan (US$24.7 million). HSBC Investments will provide up to 49 percent of the equity in the new company for a consideration of 98 million yuan (approximately US$12 million). Jintrust will take the remaining 51 percent in the joint venture-company. HSBC's consideration will be met by HSBC Group internal cash resources and injected as capital into the joint-venture company.

Blair Pickerell, CEO, Asia-Pacific at HSBC Investments, said: "We have been working closely with Jintrust to put into place the necessary groundwork to establish the new fund management company. It will be operated to international standards, with the full backing of HSBC's international asset-management expertise and Jintrust’s on-the-ground market knowledge. We have a team in place already and expect to launch our first fund under the new joint venture company in early 2006."

Yang Xiao Yong, vice-chairman of Shanxi Trust and Investment Corporation Limited, added: "The fund management industry is a rapidly growing sector on the Chinese mainland. By teaming up with one of the largest foreign players in China’s mainland financial markets and by sharing a long-term goal of establishing a well-managed, investor-focused fund management firm, we believe HSBC Jintrust will become a significant player in this developing market."

 

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An ethnic Chinese and US national, Anthony Ha is the new general manager of Marriott Executive Apartments Palm Springs Beijing, a newly developed luxury property operating fully-serviced apartments in the heart of prestigious Chaoyang District.

Ha is a seasoned and dynamic hotelier with 20 years international experience in management and operations. He was a recipient of the "Mover & Shaker" award from Marriott International in 2005 for Operations Excellence. He has lived and worked in five-star hotels in such cities as Seattle, San Francisco, Macau, Shenzhen, Chongqing and Hong Kong. Ha holds a degree in Hotel and Restaurant management from Washington State University in Seattle, Washington in the United States.

The Beijing Global Trade Centre, the largest integrated commercial tenement project in northern Beijing, held its first-phase commercial service and promotion of office buildings launching ceremony recently. With a planned area of 500,000 square metres, advanced functions and hardware and its favourable location, the Beijing Global Trade Centre has attracted numerous customers, of whom nearly 60 percent are foreign-capital-invested companies. Enterprises providing service like Bank of China, Nirvana Fitness & Spa and ILSA Laundry Franchise Group cooperated with the centre, to build a new concept for office building services.

 

 

The groundbreaking ceremony for Truth Zone, with the total area of 100,000 square metres, located in the Zhongguancun area was held on November 16. The project is a landmark project of the Shandong Qingdao Construction Group in the Beijing real estate market.