HONG KONG -- One of China's top wealth managers is expanding into Japan, where it sees a growing clientele of rich Chinese who have left their homeland in challenging economic times.
Noah Holdings says it has more than 10,000 clients with more than 5 million yuan ($688,000) in net assets overall. But with the Chinese economy beset by a yet-to-bottom-out crisis in the property market -- which accounts for a majority of Chinese wealth -- the manager's mainland revenue declined for three consecutive quarters this year, compared with 2023.
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