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  • October 25, 2014
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  1. Business - Comment - MONITOR

    Hong Kong's wealth fund is doing a lousy job investing our money

    Posted Jan 24th 2014, 02:13am by Tom Holland

    ... is doing a lousy job investing our money You may not know about it, but Hong Kong has a sovereign wealth fund. It's called the Exchange Fund. It manages assets of HK$3 trillion, and its ... of the government's fiscal reserves and the Exchange Fund's own accumulated surpluses. In effect, this is Hong Kong's own sovereign wealth fund. This money could, and should, be invested ...

  2. Business - Economy - MONITOR

    Today's risk is not a peasants' revolt, but a sovereign default

    Posted Jul 24th 2013, 12:00am by Tom Holland

    ... Tom Holland History teaches us that heavily indebted sovereigns will default, whether they are medieval English kings or 21st-century European governments Today's risk is not a peasants' revolt, but a sovereign default Stephen King, the group chief economist at HSBC, believes his profession has spent far too much time developing mathematical models of how markets work. ...

  3. Business - Comment - MONITOR

    South Sea Bubble warning for wealth management investors

    Posted Mar 13th 2013, 12:00am by Tom Holland

    ... Tom Holland CBRC probe into pooled funds either good news or cause for concern institutions will hit problems repaying investors in existing products South Sea Bubble warning for wealth ... If the regulator enforces a ban against financial institutions pooling funds raised by new wealth management products, they will run into problems paying back investors in existing products. And although ...

  4. Business - Comment - MONITOR

    Shareholders must have right to hold managers to account

    Posted Oct 28th 2013, 04:32am by Tom Holland

    ... and sovereign wealth funds, which want a more liquid investment. But the company's bosses don't want to loosen their control. So they approached the Hong Kong stock exchange proposing ...

  5. Business - Comment - MONITOR

    Alibaba's plan to stuff board hardly in investors' interests

    Posted Aug 28th 2013, 12:00am by Tom Holland

    ... and sovereign wealth funds who want a more liquid investment. But the company's bosses don't want to surrender their control. They argue that in order to preserve Alibaba's culture ...

  6. Business - Comment - MONITOR

    We don't need a Future Fund. The future is already upon us

    Posted Mar 05th 2014, 01:34am by Tom Holland

    ... Tom Holland HK government should make better use of its existing resources and assets to meet the spending needs arising from an ageing population We don't need a Future Fund ... of GDP is admirable. There is plenty of evidence from Europe that when government expenditure rises much above this level, the higher taxes or increased debts needed to fund public spending ...

  7. Business - Comment - MONITOR

    Attempts to diversify China's reserves have been a disaster

    Posted May 22nd 2013, 12:00am by Tom Holland

    ... Investment Corporation. According to Friedrich Wu, a professor of economics at Singapore's Nanyang Technological University who has made a close study of China's sovereign wealth funds, SIC ... assets like hedge funds are generating decent returns. Even house prices are up. With liquidity plentiful, and valuations modest by historical standards, most investors expect the bull run ...

  8. Business - Banking & Finance - MONITOR

    The encouraging signs behind China's record funding figures

    Posted Feb 17th 2014, 04:47am by Tom Holland

    ... behind China's record funding figures The trouble with economic statistics is that it is all too easy to see whatever you want to in the data. Take the monetary figures released by Beijing ... shadow market- and both optimists and pessimists can find evidence to support their views. Altogether, as the first chart shows, new funding measured by Beijing's "total social ...

  9. Business - Comment - MONITOR

    Nothing new in Beijing's latest 'clampdown' on shadow loans

    Posted Jan 08th 2014, 03:33am by Tom Holland

    ... for banks to exceed lending quotas by shifting loans off their books. It also banned wealth managers from pooling the proceeds from their sales of structured notes to investors and prohibited ... liabilities made up 7 trillion yuan of local governments' 18 trillion yuan debt mountain, up 75 per cent from 2010. In many cases, banks raise the funding for these loans by selling so-called ...

  10. Business - Comment - MONITOR

    A healthy China would set interest rates at 10 per cent

    Posted Jan 05th 2014, 11:49pm by Tom Holland

    ... with this window-dressing. Although most wealth products are short term- 80 per cent have maturities of between one and six months- many of the loans they fund are longer term. As a result, the quarterly maturity ... To meet their loan to deposit requirements, they time the wealth management products they sell to investors to mature at the end of each quarter or half. When the products mature, cash is paid ...




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