The bank has ‘quite an active pipeline’ of loans based on such collateral owned by ultra-high-net-worth individuals, who are often asset-rich but liquidity-constrained, private banker says.
The death of Zong Qinghou, formerly China’s richest man, is thrusting his only child into the spotlight. Her family fortune has dwindled as rivals outsell Hangzhou Wahaha Group by latching onto new trends and younger consumers.
The number of rich families in China declined for the second time in 15 years as the world’s second-largest economy tackles a slew of economic challenges.
Analysts consider India a promising growth story, with significant economic expansion and an influx of capital into equities and fixed income.
HSBC plans to promote its family office and digital banking services to attract the growing horde of ultra-high-net-worth clients in Asia to its private banking unit.
The ratio of ultra-rich women stood at 11 per cent of the global total last year, compared with 6.5 per cent in 2010, as changing attitudes towards women doing business has led to a large number of self-made female multimillionaires, according to a survey by Julius Baer.
Financial firms have been flooded with inquiries after the government started accepting applications under the revamped investment migration programme, under which clients need to invest at least US$3.8 million.
The government’s recent adjustments are ‘steps in the right direction’, but further relaxations are needed to revitalise the industry, according to the Asian Securities & Financial Markets Association.
Family members of Hui Ka-yan may be scrambling to move their money around to prevent it from being confiscated, a month after the property giant was ordered to wind up, according to analysts.
HSBC, Standard Chartered and Hang Seng Bank are rolling out more products tied to the Wealth Management Connect scheme amid a drive by Beijing to boost the Greater Bay Area’s financial markets.
‘Hong Kong stocks posted positive returns in the past four Years of the Dragon,’ finance chief Paul Chan said on the first trading day of Lunar New Year, citing China’s improving economy and potential rate cuts as possible catalysts.
Standard Chartered is considering restructuring its institutional banking arm, the unit that houses the firm’s investment bankers and traders, as part of the latest effort by chief executive officer Bill Winters to improve the lender’s returns.
A new for app making international payments from HSBC Holdings will directly challenging the dominance of fintechs like Revolut and Wise that have gained tens of millions of retail customers by offering cheap foreign exchange.
The changing geopolitical landscape and Asia’s ascent on the global stage are driving regional economies to collaborate more closely, leaders said at the first FII conference to be held in Hong Kong.
A global rise in the super-wealthy population comes as a ‘great wealth transfer’ is under way, with billionaires accumulating more riches through inheritance than through entrepreneurship for the first time, according to a report by Swiss bank UBS.
The city state took pole position for the ninth time in 11 years while Hong Kong slipped one notch to rank fifth among 173 countries, according to a study by the Economist Intelligence Unit (EIU).
The war chest used to defend Hong Kong’s currency posted a third quarter loss but still reported strong returns in the first nine months of 2023 as robust performance in the bond market offset losses in stocks.
Some of the richest families in the city and the wider region attended a ceremony to launch the Hong Kong Academy for Wealth Legacy (HKAWL) in Tsim Sha Tsui.
Family offices need to invest with purpose and a sense of values to secure a future for the next generation, said Regal Hotels International vice-chairman Poman Lo at the inaugural Family Business Summit in Hong Kong.
Shares of CICC, Citic Securities and other Chinese brokerages rallied after the regulator proposed easing the risk controls they need to put in place and said it would support mergers and acquisitions among leading players.
Some 6,000 investors, innovators, academics and policymakers including the American billionaire investor Ray Dalio and Blackrock chairman Lawrence Fink, will fly into Saudi Arabia next week for a three-day investment conference.