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China Economy in Worst Shape in 30 Years, Says PAG – FT

Weijian Shan, whose Hong Kong-based group PAG manages more than $50 billion, told a meeting that he would diversify away from the country


Weijin Shan’s comments come as private equity and venture capital groups face mounting difficulties in making their China bets pay off. Photo: AFP

 

One of China’s most prominent private equity investors has warned that large parts of the Chinese economy were “paralysed” by Beijing’s anti-pandemic measures and he would diversify away from the country, the Financial Times reported.

Weijian Shan, whose Hong Kong-based PAG manages more than $50 billion, said: “We think the Chinese economy at this moment is in the worst shape in the past 30 years,” adding that it reminded him of Europe in 2008 and noting that popular discontent with the government was at a peak.

Read the full reportFinancial Times

 

 

 

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George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.

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