“Hong Kong and Li Ka-shing are unfortunately caught in the middle of a trade war and when the US starts exerting pressure on China, some impact will be felt on Hong Kong,” Jacquetin said. Rich international clans may “reassess their expansion plans into coming to Hong Kong,” 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.
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.
