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But Hong said although such fund-of-funds pension products are popular in mature markets like the United States, China should also carry out supportive policies that are now lacking, such as preferential tax treatment.

But Pan, who has more than 30 years of experience in the Chinese property market, pointed out one problem that most co-working operators have to address: the short lifespan of Chinese SMEs, which currently make up the majority of co-working tenants.

But on Wednesday, the city said face masks were in short supply.

But Li said he opted not to join the team as other projects generate higher profit margins. "The profit rate of other property projects, such as office buildings, logistics parks, industrial parks and other commercial real estate, can reach 10 to 20 percent, but that of long-term rental housing is about 5 to 10 percent."

But fraud involving people who amass money in the name of charity has been undermining the reputation of the sector. Lack of transparency has also led to public concern over what happens to donated funds.