December 7, 2022

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

Billionaire trader 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 investor George Soros claimed BlackRock Inc (BLK.N) investing billions of pounds into China now is a “oversight” and will very likely reduce revenue for the asset manager’s purchasers, according to an belief piece in the Wall Street Journal.

“Pouring billions of bucks into China now is a tragic mistake,” Soros wrote in the op-ed. “It is likely to drop funds for BlackRock’s clients and, much more important, will problems the countrywide safety interests of the U.S. and other democracies.”

Previous month, BlackRock became the initial overseas asset supervisor to work a wholly owned mutual fund company in China, tapping the rapidly-increasing $3.6 trillion retail fund market. This also will come following the authorities scrapped a overseas possession cap in the industry on April 1, 2020. go through additional

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Soros reported BlackRock has drawn a difference among the country’s condition-owned enterprises and privately owned businesses that is significantly from reality, according to the feeling piece.

BlackRock did not straight away react to a Reuters request for remark.

Investors in China have been rattled by a flurry of regulatory crackdowns this calendar year targeting sectors ranging from technology to personal tutoring, which have wiped out close to $1 trillion in marketplace value considering that February. examine additional

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

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