KPMG warns of China investment risks
Firm flags up competition hitting investments in credit cards and mortgages
A new report by Big Four firm KPMG has warned major banks against investing
any further in to China.
In its report, KPMG said Intense competition in China could prevent foreign
banks from profiting from their investments in credit card and mortgage ventures
for another 10 years.
More than 70 overseas banks now operate in China, having invested billions of
dollars in the sector over the past five years.
Several have raised expectations that local joint ventures would deliver
early returns.
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