Top Biz News

Fund continues despite market bloodletting

By Liu Jie (Xinhua)
Updated: 2007-03-01 16:50

Fund buyers got agitated at theChina Construction Bank(CCB) Xisi outlet in downtownBeijingas they were told more than half of the sales quotas were sold out only one hour after the new fund hit the market.

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The Jianxin fund raised near 10 billion yuan earlier this week.

Fund frenzy in China had been underscored as authorities resumed the launch of five new funds and wished to pump up investor's confidence amid major stock market corrections.

Staying at the number 1,068 in the waiting list of CCB's Xisi outlet, Mr Sun was not among those in luck to get subscription of the new fund.

Working in a IT company in the high-tech Zhong Guancun, he plunged into fund investment pool as the Spring Festival ended after hearing of his cousin gleaned doubled yields from fund market last year, while his own saving in banks are creeping for the meagre 1.9 percent increase a year.

Sales quotas were set up and the 10 billion yuan cap is seriously enforced to ward off over-subscription, said He Bin, deputy fund manager of the Jianxin fund.