Wealthy Chinese Look Overseas for Investment
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Wealthy individuals in China are showing a greater appetite for risk and are increasingly turning to alternative investments, according to a study by McKinsey, the consultancy, of 800 high net worth individuals (HNWIs) across 19 Chinese cities. About 71 per cent of the people McKinsey spoke to at the end of last year said they were looking for high-risk, high-return investments. Each of those individuals had at least $5m in investable assets. Investors also expressed interest in "innovative products", which include structured, highly leveraged and lending products, says Kenny Lam, a partner at McKinsey and the head of its Asia private banking and wealth management practice.
Chinese Businesses Ready to Push for Africa Investment
The two-day conference brought together business leaders from the five BRICS member countries -- Brazil, Russia, India, China and South Africa -- to discuss how to promote cooperation, with special focus on Africa. Chinese businesses will use the BRICS Business Council to push for more investment in Africa, so as to help the continent eradicate unemployment and poverty, a Chinese business leader said. China and Africa have maintained "good business relations" and China will use the council to advance more investments in Africa, Zehua Ma, acting chairperson of the council, said at the council's first conference in Johannesburg. Issues featuring high on the agenda include investment opportunities, value-added trade, infrastructure, African industrialization and the proposed BRICS Development Bank.