希尼爾翻譯公司（www.eacrwc.tw）2016年1月12日了解到：Macquarie and Morgan Stanley
have sold out of their Chinese trust businesses, raising questions about
the viability of the remaining joint-venture partnerships between
foreign and domestic institutions in China.
Morgan Stanley, the US bank, sold its 19.9 per cent stake in the
Hangzhou Industrial & Commercial Trust, which it acquired in 2008,
美資銀行摩根士丹利到上月全部賣掉了其在2008年收購的杭州工商信托(Hangzhou Industrial &
The divestment followed a similar move by Macquarie, the
Australian financial group, which sold its 19.9 per cent stake in the
Sino-Australian International Trust in November after entering the
business in 2009.
Tough new regulations aimed at improving the robustness of
Chinese trust companies, which conduct asset management, private equity
and lending activities among others, have diminished the appeal of
participating in these businesses.
The divestments also follow years of frustration among foreign
institutions over their lack of control in these joint ventures, where
they were limited to holding a minority stake.
Stewart Aldcroft, Asia chief executive of CitiTrust, Citigroup’s
securities and fund services business, said: “Very few joint-venture
companies have succeeded in China. Most are second tier or lower, [and]
have been dominated by the local Chinese partner.
“[Now] there are more opportunities to engage with [domestic
Macquarie and Morgan Stanley’s decision to pull out of these
businesses means that just eight foreign joint-venture trusts remain.
These include the Bridge Trust, which saw US bank JPMorgan buy a
small stake in 2012, and the Beijing International Trust, which saw UK
asset manager Ashmore buy a 19.9 per cent stake in 2007.
這些公司包括百瑞信托(Bridge Trust)和北京國際信托(Beijing International
Mr Aldcroft believes more companies will pull out of these
businesses in 2016. He said: “China is rapidly opening up the many
routes to access its stock market [and domestic investors]. With all
this, why would a foreign company want to get involved in a joint
venture it can’t control?”