Some of China’s wealthy families are turning to Hong Kong as an alternative place to manage their riches as their plans to set up shop in Singapore are slowed by intense scrutiny by the city-state following a massive money laundering bust.
Professionalswho work with single-family offices,institutions that oversee the assets of wealthy investors, told Nikkei Asia thatsome Chinese clients are thinking of parking their capitalin Hong Kong as a fallback if their Singapore plans do not work out.
