Hong Kong-based funds houses are a step closer to being able to sell their products on the mainland as regulators from the two markets continue to develop ground rules for the types of funds to be offered. Accordingly to local reports, the mainland is keen to leverage the city's strong funds market to develop its own reputable funds market. Hong Kong's funds industry grew 39.3 percent last year, with assets under management at US$1.6 trillion, beating Singapore, whose funds industry expanded 22 percent to US$1.29 trillion.