Wealthy Chinese setting up family offices in Singapore see it as springboard to Asean
In the first of a 7-part BT-Lianhe Zaobao series on China and Asean, we look at the trend of high net worth Chinese investors coming to Singapore to set up family offices and invest in startups
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FIVE years ago, Chinese billionaire Liang Xinjun left Fosun Group, of which he was co-founder, due to health reasons. After a break, he set out to explore blockchain and artificial intelligence – and 3 years ago, he set up a family office in Singapore.
Forbes estimates Liang’s net worth at US$2.2 billion, putting him at the 1,397th place on the magazine’s global billionaire ranking in 2022.
Before deciding on Singapore, Liang had considered many other destinations. In an interview, he said: “Hong Kong was an option. I also considered Japan, Taiwan, and Vancouver in Canada.”
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