Minsheng Bank closes overseas fund

(BEIJING) China Minsheng Banking Corp, the nation's first privately-owned bank, has dissolved its overseas investment fund after it lost more than 50 per cent of its value. Minsheng's fund, which invests abroad on behalf of clients under the so-called qualified domestic institutional investor, or QDII, programme, is obligated under the initial terms of sale to liquidate once its value falls below 50 per cent. The Beijing-based bank confirmed the QDII fund's liquidation yesterday.