Wall Street banks clash in China

FORTUNE notes that in the past two years, the likes of Goldman Sachs, Bank of America, Merrill Lynch, American Express and HSBC have spent billions to buy into large, risky Chinese banks. Morgan Stanley and Citigroup, among others, have started ventures to invest in China's property markets. The competition is indeed fierce, and this is symbolized by the jostling by elite firms to win top underwriting mandates. There is definitely money to be made. That's the bet anyway. Chinese officials are more than aware of their status.

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