New Delhi (CNN Business) BlackRock's new investment fund in China — the first owned entirely by a foreign firm — has attracted $1 billion from Chinese investors in its first week.
The world's largest asset manager said Wednesday that the fund — which has now raised 6.68 billion yuan — was officially established this week and has attracted more than 111,000 investors. It started offering investment products to individual Chinese investors late last month.
"We are very proud of achieving this milestone for our China fund management business, and are grateful for investors' overwhelming support," said Rachel Lord, BlackRock's chair and head of Asia Pacific, in a statement.
BlackRock's announcement comes days after the company was blasted by billionaire philanthropist George Soros for its efforts in China, which he called a " blunder ." BlackRock's new product launch came just weeks after it recommended that investors pile into Chinese assets.
"Pouring billions of dollars into China now is a tragic mistake," Soros, who is a longtime critic of Xi, wrote in an op-ed published Monday by the Wall Street Journal. "It is likely to lose money for BlackRock's clients and, more important, will damage the national security interests of the [United States] and other democracies."
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