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(Reuters)
Updated: 2007-07-02 12:24

The net asset value (NAV) of China's mutual funds had grown to 1.51 trillion yuan ($198.4 billion) by the end of June, up 77 percent from the end of 2006, the Shanghai Securities News reported on Monday.

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The data was compiled by domestic financial data firm Wind, which tracked 290 mutual funds run by 53 Chinese fund houses, the newspaper said. Equity-focused funds saw the biggest expansion, with their total net asset value rising by 658.3 billion yuan to 1.40 trillion yuan, it said.

Domestic fund houses had been jostling to launch new funds this year to tap a bullish stock market. The Shanghai composite index gained 43 percent in the first six months of this year, although it slipped 7 percent in June.

On the other hand, money funds, capital guaranteed funds and bond funds suffered heavy redemptions in the period, the newspaper said.

The total NAV of money funds stood at 62.76 billion yuan at the end of June, while the NAV of capital guaranteed funds was 10.36 billion yuan and bond funds 2.60 billion yuan, it said.

China Southern Fund Management Co Ltd, China Asset Management and Bosera Fund Management were among the country's largest fund houses, with assets under management exceeding 110 billion yuan each, the report said.