Chinese fund houses will buy own equity products as sell-off continues
At least 14 firms have pledged to put money in their own funds, but it may not be enough to reassure investors
China’s largest mutual fund houses have promised to buy their own equity-focused products, heeding calls from authorities to bolster the market as a sell-off continues.
At least 14 firms pledged to invest in their funds as of mid-Monday Chinese time, taking the total tally to 870 million yuan ($119 million).
E-Fund Management and China Asset Management were among those promising 50 million yuan ($6.8 million) each, referring to their long-term confidence in the market.