Skip to content
Subscriber Only

Rich Asian Families Tighten Belts, While Others Seek Bargains

  • Newer Asian wealthy have a frontline view of virus’ effects
  • DBS Private’s Poon says clients wary of a ‘dead-cat bounce’

In September, as Hong Kong’s streets filled with tear gas and protesters, third-generation heir Tony Yeung remained confident the city’s economy would bounce back from the turmoil. He regularly flew between Asia and Europe helping his family office and partners hunt for deals.

Now, deep in the midst of the economic havoc wrought by the coronavirus outbreak, Yeung is one of many Asian family office executives worried that a rapid recovery is unlikely. As some uber-rich U.S. and European clans rush to buy assets at bargain prices, their Eastern peers are generally more cautious -- managing their holdings and hoarding cash in preparation for worse to come.