China's trust assets grow quickly in Q2

BEIJING - China's assets managed by trust funds grew sharply in the second quarter of 2015 on the back of a meteoric rise in the stock market, official data showed on Monday.

The China Trustee Association said trust assets increased 10.13 percent from April to June over the first quarter to 15.87 trillion yuan ($2.59 trillion) at the end of June.

Trustees' operating revenue and profits stood at 31.41 billion yuan and 22.26 billion yuan in the second quarter, up 36.59 percent and 31.45 percent quarter on quarter.

They invested 1.41 trillion yuan, or 9.53 percent of capital assets, in the stock market in the first six months. The ratio was just 5.77 percent at the end of March.

"Trust funds will likely reshuffle their portfolios in the coming months and gradually lower investment in a stock market plagued by prolonged chaos," predicted the association.