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Invesco raises $5.4 billion in China investments in first half; flags economic risks – Reuters.com

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HONG KONG, Sept 16 (Reuters) – U.S. asset manager Invesco’s Chinese joint venture withstood a volatile first half and attracted $5.4 billion from local investors, but the country’s persistent zero-COVID policy poses risks to the economy, its Asia Pacific head said.

China’s economy has been hit hard by COVID-19 lockdowns and property sector turmoil, which have squeezed investors’ holdings and sent asset prices lower.

“The market sentiment is tough, especially for COVID and everything,” said Andrew Lo, Hong Kong-based chief executive officer of the Asia Pacific unit of Invesco, which manages $1.4 trillion worth of assets globally.

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“I think people are resilient … But I would like to think that if it (zero-COVID policy) continues it would take a toll on people and also the economy,” Lo told Reuters, adding the policy could “evolve” from its current status next year.

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Source: https://www.reuters.com/business/finance/invesco-raises-54-bln-china-investments-first-half-flags-economic-risks-2022-09-16/

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