SINGAPORE (Bloomberg): 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.
The reluctance to rush for deals is potentially a warning sign for the global economy. - Bloomberg
"We have taken the most conservative approach to monitor our portfolio first and to be on the defensive side overall," said Yeung, whose wealth comes from property developer Peterson Group, where he is chief executive officer.The reluctance among some of Asia's wealthiest families to rush for deals is potentially a warning sign for the global economy.
But as the coronavirus spread into a global pandemic and financial safe havens evaporated, those with extensive operating businesses quickly realised this would be a different beast. In the US alone, more than 26.5 million people have filed for unemployment benefits over the past five weeks. To be sure, the hesitation to strike deals doesn't mean Asian family offices and their operating businesses are set to fail en masse.
A smaller group have operating businesses that remain relatively unharmed, putting them in prime position to invest. "We're long-term investors and we don't know how long this will last, but it definitely can't go forever," said Tibrewal.
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