Foreign banks retooling products for the new Chinese rich

Some offshore institutions are struggling to find the best way to generate profits from China's wealth management sector, Xie Yu reports from Shanghai

The swelling wealth in China is attracting foreign financial institutions in a proverbial gold rush, but experts suggest it's wise to look before leaping.

The term "private banking" was brought to China by foreign banks in about 2006. Seven years later, the market has grown significantly, but foreign institutions still struggle to find the best way to generate profits here, according to Jimmy Leung, head of banking and capital markets at PwC China.