BlackRock Inc. raised 6.7 billion yuan ($1 billion) for its first China mutual fund, starting onshore investments for clients in the world’s most promising wealth market right after billionaire financier George Soros called its China investment a “tragic mistake.”
The U.S. giant’s local unit closed fundraising days ahead of the Sept. 10 deadline without hitting a planned 8 billion yuan ceiling, in order to start investing sooner, according to a person familiar with the matter, who asked not to be identified discussing internal considerations. The fund attracted more than 111,000 investors, the company said.
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