Some of the world’s biggest asset managers are still waiting for permission to sell international funds to domestic Chinese investors, two and a half years after winning coveted licences to do so.
Groups such as BlackRock, Aberdeen Asset Management, Och-Ziff and Allianz were awarded licences in 2015 to market offshore investment products directly to Chinese customers, creating a new channel to move capital offshore.
The business potential is enormous — investable wealth amassed by rich Chinese people was Rmb49tn ($7.59tn) in 2016, according to consultancy Bain & Co.
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