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China factor lures global hedge funds to Hong Kong
The growing number of global hedge funds registered in Hong Kong is the result of "China factors" rather than tougher financial regulation in the United States and fluctuations in the commodity market, according to industrial experts.Morgan Sze,[link widoczny dla zalogowanych], the former head of Goldman Sachs' Principal Strategies Group in Asia,[link widoczny dla zalogowanych], is gearing up his new hedge fund Hong Kong which will raise around 1 billion U.S. dollars and launch in early 2011.
Last November, Soros Fund Management LLC,[link widoczny dla zalogowanych], the hedge fund firm founded by billionaire George Soros,[link widoczny dla zalogowanych], opened its first Asian office in Hong Kong.According to a report by Credit Suisse, 75 of the world's top 100 hedge funds are likely to set up Asian divisions,[link widoczny dla zalogowanych], and Hong Kong is the top choice for location.
Heading for China's futures market
Since the last quarter of 2010,[link widoczny dla zalogowanych], although the government of Hong Kong Special Administrative Region (HKSAR) continues to deny the rush,[link widoczny dla zalogowanych], the amount of hot money rushing into mainland China via Hong Kong has appeared to be growing steadily.
In normal circumstances,[link widoczny dla zalogowanych], foreign funds are only able to enter China through cross-border trade (current accounts) or foreign direct investment (capital accounts). For hedge funds and the hot money, the path exists with their domestic partner companies. The hedge funds put dollar assets into the accounts of partners,[link widoczny dla zalogowanych], and the latter then put yuan assets into the funds' domestic accounts.
Arbitrage opportunities are the hot money's major target in China's domestic futures market. The demand from Chinese investors and consumers becomes the enticement that tempts foreign hedge funds firms to China.An executive with a domestic futures company, who requested not to be identified,[link widoczny dla zalogowanych], estimated that foreign funds account for around 30 percent of the total transaction volume of China's stock index futures."Some hedge funds that are keen at timing have realized returns of 30 to 40 percent,[link widoczny dla zalogowanych]," said a manager with a domestic investment management firm.
Since the middle of last October,[link widoczny dla zalogowanych], at least 43 people have been hospitalized due to A/H1N1 flu in the Netherlands,[link widoczny dla zalogowanych], local media reported on Friday.Most cases have been registered in Nijmegen,[link widoczny dla zalogowanych],[link widoczny dla zalogowanych], a city in the east part of the Netherlands. This is probably due to the fact that two children died in December, which caused a higher level of awareness by parents,[link widoczny dla zalogowanych], says a spokeswoman of the hospital in Nijmegen.The hospitals of Winterswijk Zevenaar,[link widoczny dla zalogowanych], Arnhem,[link widoczny dla zalogowanych], Doetinchem Ede didn't report any patients with flu Thursday,[link widoczny dla zalogowanych], while the AMC hospital in Amsterdam reported four and the UMC Utrecht six cases.
According to Ge Dark, project leader of Nivel,[link widoczny dla zalogowanych], the organization that registers the number of flu cases nationally, there are 5.9 cases per 10,[link widoczny dla zalogowanych],000 inhabitants in the west,[link widoczny dla zalogowanych], compared to 2.1 cases in the eastern part of the Netherlands. "But it is in its normal annual flu gradient."Pharmacists organization KNMP warned people with flu symptoms not to purchase medication such as Tamiflu over the Internet because of the poor quality and high prices. But there should be no fear for a pandemic crisis.