Bank of China to increase the million-dollar class to 100 million in the next 5-10 years

On the afternoon of December 20, Li Shaoki, chief executive of the Bank of Communications, attended the 2010 Global Business News Forum and Asia-Pacific Business leaders summit today, saying that the wealth management market in Hong Kong has the potential to increase to 100 million people over the next 5-10 years, with the mainland earning millions of dollars. Li Shaoki quoted figures as saying, the number of affluent people with more than $1 million trillion in the mainland last year increased by more than 400,000, and Hong Kong's affluent population rose by 104%, with estimates that the number of mainlanders earning more than 10 dollars would increase to 1 million in 5 to 100 million years, and that they were potential customers for wealth management. "From a certain point of view, Hong Kong has great potential."　　He stressed that it was in view of this market opportunity that the five major banks, including Bank of communications, had recently set up private banks in Hong Kong and that Hong Kong's financial institutions had been established in the mainland to provide different levels of wealth management business to open up the market. Li Shaoki continued, the mainland investment vehicles in the 4 and 5 years of rapid development, change in the past only the face of savings, stocks and bonds, especially the real estate has formed a more mature, large-scale market. "In addition to investment, wealth management and home ownership, home ownership does not necessarily live in their own place." Recently, some mainlanders have gone to Hong Kong, the United States and Europe to buy property. There is also education, and education in Hong Kong attracts many affluent people in the mainland, like the 10% to 15% of the universities in Hong Kong which are students from the mainland. "(Jensi)