Singapore loses China's rich to Hong Kong in family office rush

SINGAPORE/HONG KONG -- Some of China's wealthy families are turning to Hong Kong as an alternative place to manage their riches as their plans to set up shop in Singapore are slowed by intense scrutiny by the city-state following a massive money laundering bust.

Professionals who work with single-family offices, institutions that oversee the assets of wealthy investors, told Nikkei Asia that some Chinese clients are thinking of parking their capital in Hong Kong as a fallback if their Singapore plans do not work out. Nikkei earlier reported that the Monetary Authority of Singapore has rejected applications from Chinese passport holders.