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
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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