Hong Kong and Singapore are both known as wealth management centres in Asia and, for years, they have been rivals to be the first choice for China’s ‘new rich’ to set up offices outside the mainland, Caixin Global reported, adding that a battle is heating up as the big prize will be lucrative clients from the rapidly growing generation of the rich tech entrepreneurs.
Dai Le, a 29-year-old financier who started a family office business in Singapore amid the pandemic, said the new wave is coming from Chinese tech giants such as Alibaba Group, Tencent Holdings and ByteDance that grew quickly to become among the world’s most valuable companies, the report said.
Read the full report: Caixin Global.
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