Some families are waiting to see what happens in the near term before committing to large projects and investments, said Jean-Sebastien Jacquetin, managing partner of Cavendish Investment Corp, a Hong Kong-based multi-family office serving wealthy families in Asia. More families are also choosing to diversify, open bank accounts elsewhere and move some of their assets to other jurisdictions like Singapore, he said.
Li Ka-shing’s strained relationship with Beijing has sent a clear reminder to Hong Kong’s tycoons and global investors eyeing the city as a wealth hub: never downplay geopolitics.
China’s move to amplify criticism of the billionaire’s blockbuster ports deal with BlackRock Inc. and probe the transaction for antitrust violations has drawn the attention of rich investors and their advisers.
