China’s Property Bubble (Forbes)
“If this overheated property market, on all sides of the market, if it does not coool down in 2011, we will continue seeing more hot money to pour into it and more national wealth to pour out of China,” says Wang Jianmao, an economist at the China Europe International Business School in Shanghai. The government has only been marginally successful at keeping real estate prices in check. Hot money is flowing in, despite some added restrictions. Is hedge fund short seller James Chanos right to say China is Dubai times 1,000?
Millennium Raised $1.8 Billion in Q1 (AR + Alpha)
Bringing on a marketing chief has paid off for Izzy Englander’s Millennium Management. The firm raised $1.8 billion in new capital in the first quarter of this year, taking its total assets under management to $10.6 billion. Investors credit Millennium’s successful fundraising, in part, to Englander’s decision to bring on John Novogratz in December 2009 to head up the firm’s marketing efforts—the first person to fill such a role at the firm.
Baupost-Backed Company Is Seeing Local Opposition (HedgeCo)
The Highland Companies, backed by Boston-based hedge fund Baupost Group, is seeing local opposition to its new Canadian mega-quarry plans. The group of protesters yesterday passed the half-way mark of their 5 day, 119 kilometer march. The group of residents, farmers and representatives have been walking with signs and flags saying “Stop the Quarry,” since a rally at Queen’s Park in Toronto last Friday.
Hedge Fund Hirings (HFAlert)
Voce Capital hired a senior analyst this month to find investments in mid-cap stocks that the San Francisco company considers deeply undervalued. Marketing specialist Colm McDermott jumped from the New York office of FrontPoint Partners to Greenwich, Conn., hedge fund manager Masiff Partners earlier this month. Distressed-debt investor Avenue Capital has hired Melissa Green in a fund-marketing role.