China wealth manager warns weak economy to squeeze client assets

Beijing's tech crackdown an added headwind as assets shrink

Shanghai's skyline glimmers at night, but China's faltering economic recovery has taken the shine off the country's financial markets. © AP

ECHO WONG and PAK YIU, Nikkei staff writers

July 25, 2023 11:51 JST

HONG KONG -- China's wealth managers face intensifying competition as sputtering economic growth shrinks the asset pools of rich individuals, according to one of the country's leading investment companies.

Noah Holdings, listed in both the U.S. and Hong Kong, targets clients with investable assets of over 6 million yuan ($831,000) and for the past few years has been focusing on helping investors in mainland China diversify their overseas holdings.