Macquarie and Morgan Stanley have sold out of their Chinese trust businesses, raising questions about the viability of the remaining joint-venture partnerships between foreign and domestic institutions in China.
Morgan Stanley, the US bank, sold its 19.9 per cent stake in the Hangzhou Industrial & Commercial Trust, which it acquired in 2008, last month.
The divestment followed a similar move by Macquarie, the Australian financial group, which sold its 19.9 per cent stake in the Sino-Australian International Trust in November after entering the business in 2009.
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