Soros says BlackRock’s China investments likely to lose money – WSJ

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Billionaire investor George Soros speaks to the audience at the Schumpeter Award in Vienna, Austria June 21, 2019. REUTERS/Lisi Niesner

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Sept 7 (Reuters) – Billionaire trader George Soros explained BlackRock Inc (BLK.N) investing billions of bucks into China now is a “error” and will very likely drop cash for the asset manager’s consumers, according to an opinion piece in the Wall Road Journal.

“Pouring billions of dollars into China now is a tragic blunder,” Soros wrote in the op-ed. “It is probably to eliminate revenue for BlackRock’s clientele and, extra crucial, will problems the countrywide stability pursuits of the U.S. and other democracies.”

Final thirty day period, BlackRock grew to become the 1st overseas asset manager to function a wholly owned mutual fund company in China, tapping the rapid-rising $3.6 trillion retail fund market place. This also comes after the governing administration scrapped a international possession cap in the sector on April 1, 2020. read through far more

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Soros said BlackRock has drawn a distinction amongst the country’s state-owned enterprises and privately owned firms that is significantly from fact, in accordance to the opinion piece.

BlackRock did not instantly reply to a Reuters ask for for comment.

Investors in China have been rattled by a flurry of regulatory crackdowns this yr concentrating on sectors ranging from technologies to private tutoring, which have wiped out near to $1 trillion in current market worth given that February. examine much more

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Reporting by Aakriti Bhalla in Bengaluru Modifying by Shounak Dasgupta and Kim Coghill

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