Chinese millionaires with overseas investments spur wealth manager push

Shanghai

CHINESE millionaires' money overseas is backing a local wealth manager's global expansion even as the government steps up controls on capital outflows.

US-listed Noah Holdings Ltd is planning to set up branches in Vancouver and in Australia this year or early next year and looking into one in Singapore, said group president Kenny Lam in an interview in Shanghai. Even as China clamps down on large overseas corporate acquisitions, Noah Holdings believes that the revenue earned by medium-sized Chinese companies with business operations outside the nation will support a substantial part of its overseas growth.