Taiwanese banks, once seen as a gateway into China, look more like a trap for private-equity firms including Carlyle Group LP as the mainland market proves elusive and competition at home curbs profits for small lenders.
China Development Financial Holding Co., Taiwan’s largest venture capital company, bid as much as NT$54.6 billion ($1.9 billion) for KGI Securities Co. targeting the island’s No. 2 brokerage to boost its presence in China.
A lot containing 14 bottles of Chateau Haut-Brion together with a bespoke console by London- based furniture maker David Linley fetched HK$1.2 million ($153,984) at a Christie’s International wine sale.
Asian stocks rose on speculation European leaders meeting this week in Brussels will step up efforts to fight the debt crisis and stave off lower national credit ratings that may make funding bailouts more costly.
Paintings, imperial Chinese treasures and gems were auctioned for HK$2.29 billion ($294 million) in Hong Kong, the second-highest tally for an art sale in the city, with Chinese buyers paying top dollar for the rarest items.