Dividend payouts underline China funds boom

Equity-mad retail investors in China are driving a massive surge of new placements in mutual funds.Harvest Fund Management in Beijing says it just raised Rmb40 billion ($5.1 billion) in a single day for its Harvest Strategy and Growth Fund, a market record. Once the launch was announced, the companyÆs website was accessed over 100,000 times and its call centre handled a daily average of more than 10,000 telephone calls. The new fund resulted in approximately one million new accounts.T…