5. Wealth Planning
(Image: Austin Distel via Unsplash)
Wealth planning needs are growing amongst HNWIs in Greater China, with unique differences amongst sub-segments. In Hong Kong, for example, patriarchs of wealthy families are increasingly demanding advice for succession planning, especially after multiple high-profile feuds including that of casino tycoon Stanley Ho or between the sons of the founder of «Yung Kee», famed roast goose restaurant business (valued at up to $190 million in 2015).
And in China, a spate of public issuance has created demand for legitimate asset protection via offshore trust structures.
Despite the major opportunity, banks are increasingly opting out of the trust business due to a limited appetite for a wide scope of assets such as real estate, high overhead costs and potential roadblocks such a conflict of interest when it is also acting as an IPO underwriter.
Instead, independent trust companies are rapidly shoring up the market out of Hong Kong taking advantage of the timezone and catering to language needs.
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