China's Noah Holdings Ltd. is planning to set up branches in Australia and Vancouver in 2017 or in early 2018 amid the Chinese government's crackdown on overseas investments, Bloomberg News reported Aug. 3, citing the group's president, Kenny Lam.
The company believes that revenues earned by medium-sized Chinese companies with overseas operations will support a substantial part of its growth.
Noah Holdings will choose between Melbourne or Sydney for its office in Australia, Lam said. He added that the company is also looking into a potential branch in Singapore.
The company, which manages about US$3.5 billion to US$4 billion of assets abroad, started its first overseas branch in Hong Kong in 2012 and set up its U.S. unit in 2016, the news outlet reported. Noah Holdings said its overseas assets under management may grow by up to 30% in the next three to four years.