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IN UNIT 5 of a nondescript block of commercial buildings in the Dongcheng district of Beijing, after a ride in a rickety elevator with chipped bare wood on all four walls, Euromoney waits in a small meeting room. A cleaning lady enters, looks somewhat suspiciously at your correspondent, and begins to scoop water with a cup from a tin bucket and pour it over the pot plants by the window.
It does not immediately feel like the cutting edge of one of the world’s fastest-growing banking industries, or like the traditional image of discreet luxury that one associates with private banking. However, this is a new business in China. Lynn Zhang, general manager at Citic Private, enters the room smiling and in her fluent...
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