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

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Billionaire investor George Soros speaks to the viewers on the Schumpeter Award in Vienna, Austria June 21, 2019. REUTERS/Lisi Niesner/File Photograph

Sept 7 (Reuters) – Billionaire investor George Soros stated BlackRock Inc investing billions of {dollars} into China now could be a “mistake” and can probably lose cash for the asset supervisor’s purchasers, in response to an opinion piece within the Wall Road Journal.

“Pouring billions of {dollars} into China now could be a tragic mistake,” Soros wrote within the op-ed. “It’s prone to lose cash for BlackRock’s purchasers and, extra necessary, will injury the nationwide safety pursuits of the U.S. and different democracies.”

Final month, BlackRock grew to become the primary overseas asset supervisor to function an entirely owned mutual fund enterprise in China, tapping the fast-growing $3.6 trillion retail fund market. This additionally comes after the federal government scrapped a overseas possession cap within the business on April 1, 2020.

Soros stated BlackRock has drawn a distinction between the nation’s state-owned enterprises and privately owned corporations that’s removed from actuality, in response to the .

BlackRock didn’t instantly reply to a Reuters request for remark.

Traders in China have been rattled by a flurry of regulatory crackdowns this yr focusing on sectors starting from know-how to personal tutoring, which have worn out near $1 trillion in market worth since February.

Reporting by Aakriti Bhalla in Bengaluru; Enhancing by Shounak Dasgupta and Kim Coghill

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