PRIVATE equity firms flocked to Lujiazui in Pudong New Area amid the rise of hedge funds in China. Nearly 1,500 institutions with their names on file with the Asset Management Association of China have set up offices in the 6.89-square-kilometer section of Pudong. Those who lead the industry have expanded their business to the global market. Lujiazui has also become home court for world-renowned asset management institutions to carry out business in China. Since Aberdeen Asset Management opened its Shanghai subsidiary last September, prestigious asset management agencies from countries including the United States, France and Japan have or planned to...