Chearavanont family, one of wealthiest families in Thailand, is weighing options to set up an family office in Hong Kong, reported South China Morning Post (SCMP).
The move is aimed at exploring investment opportunities for the clan’s fortunes in Hong Kong, which aspires to become a wealth management hub in Asia.
As part of the plan, Charoen Pokphand Group (CP Group) senior chairman Dhanin Chearavanont and his eldest son Soopakij will visit Hong Kong to have a better view of the prospects offered by the city, according to CP Group investment unit CT Bright vice president Alex Jiaravanont.
Jiaravanont, who is also a nephew of Dhanin and cousin of Soopakij, was quoted by the publication as saying: “We see Hong Kong as a good intersection of many things.
“It is part of China, the second-largest economy in the world, with links to the rest of the world, along with low taxes and a vivid lifestyle.”
The Chearavanont dynasty, which is one of the largest and earliest investors in China, had $33.7bn worth of wealth as per a Forbes 2017 estimate.
In its effort to portray the city as a wealth management hub in Asia, the government of Hong Kong is set to unveil a series of incentives for family offices at a summit to be held tomorrow.
The summit is expected to be attended by over 100 decision makers from family offices and their teams across the globe.
Jiaravanont added: “My uncle is very keen on doing something in Hong Kong.”