China pension reforms could unlock billions for real estate

China has said it will launch an official private pension scheme, which could funnel billions of savings into real estate and the financial markets. Global investment giants, including BlackRock and Goldman Sachs Asset Management, have over the past year launched partnerships with mainland Chinese banks as part of a bid to seize part of an asset management market with savings of almost $19tn as of 2020. Larry Fink, BlackRock chief executive, last year said the New York-based group was “committed to investing in China to offer domestic assets for domestic investors”. However, it is looking into a wealth connect scheme with Hong Kong which could allow onshore investors greater access to international financial markets and real estate. The FT (£)