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January 6, 2012

Hong Kong’s three richest individuals are all family business owners but their fortunes declined last year as economic growth slowed in China, according to the city-state's latest rich list.

Hong Kong’s three richest individuals are all family business owners but their fortunes declined last year as economic growth slowed in China, according to the city-state's latest rich list.

Forbes magazine said Li Ka-shing, the 83-year-old chairman of family-controlled conglomerates Hutchison Whampoa and Cheung Kong Holdings, is Hong Kong’s wealthiest individual with approximately $22 billion (€17.2 billion) in assets. This represents an 8% decline from last year’s $24 billion.

December 12, 2011

Family-controlled Chow Tai Fook has raised less than expected from its initial public offering in Hong Kong, according to media reports.

Family-controlled Chow Tai Fook has raised less than expected from its initial public offering in Hong Kong, according to media reports.

September 16, 2011

The euro crisis and fears of a double-dip recession in the US and much of Europe have done nothing to upset the sentiment at the top of the global residential property market.

The euro crisis and fears of a double-dip recession in the US and much of Europe have done nothing to upset the sentiment at the top of the global residential property market.

The world’s super rich are still buying luxury properties, or those priced $5 million (€3.62 million) or over, and are mostly paying cash to do so, according to a report released by Christie’s International Real Estate.

September 2, 2011

The global economic crisis has left Asian consumers increasingly mistrustful of foreign banks, with many preferring to use local institutions, according to new research from McKinsey. 

The global economic crisis has left Asian consumers increasingly mistrustful of foreign banks, with many preferring to use local institutions, according to new research from McKinsey.

The study, published in the latest McKinsey Quarterly, comes at the same time as many multinational banks are focusing heavily on growing their presence in Asian markets, amid a rise in the number of wealthy individuals in the area.

August 22, 2011

Boodles, the high-end British jeweller owned by the Wainwright family, has opened a new store in Hong Kong, as the company attempts to break into the Asian market. 

Boodles, the high-end British jeweller owned by the Wainwrights, has opened a new store in Hong Kong, as the family business attempts to break into the Asian market.

The family decided to set up the concession, located in luxury department store Lane Crawford, because of growing demand from the Asian market, said joint managing director Michael Wainwright, whose great-great-grandfather purchased the business in the early 1900s.

June 16, 2011

Italian luxury goods maker Ferragamo, controlled by members of the founding family, will list up to 25% of the family’s stake on the Milan stock exchange, as part of its plans to raise funds for expansion.

Italian luxury goods maker Ferragamo, controlled by members of the founding family, will list up to 25% of the family’s stake on the Milan stock exchange, as part of its plans to raise funds for expansion.

The company said that following the IPO, the Ferragamo family holding company will hold a 56% stake in the company, with another 11% held by individual family members. In March, the family sold an 8% stake to the Hong Kong-based Woo family in an attempt to strengthen its market presence in Asia.

March 29, 2011

Family-controlled fashion group Prada announced on 29 March that its sales for 2010 rose by over 30%, buoyed by strong demand in the Asia-Pacific region, but made no comment about speculation it is planning an IPO.

Family-controlled fashion group Prada announced on 29 March that its sales for 2010 rose by over 30%, buoyed by strong demand in the Asia-Pacific region, but made no comment about speculation it is planning an IPO.

The Milan-based company said in a statement that its revenues increased to €2.05 billion, up from €1.56 billion the previous year. With brands including Miu Miu and Church under its umbrella, the Italian group’s net profits doubled in 2010 to €250.8 million.

February 24, 2011

London-based property group Capital & Counties (CapCo) is in talks with one of Hong Kong’s wealthiest families, the Kwoks, to provide funding for the redevelopment of London’s Earls Court site, according to reports in the Financial Times.

London-based property group Capital & Counties (CapCo) is in talks with one of Hong Kong’s wealthiest families, the Kwoks, to provide funding for the redevelopment of London’s Earls Court site, according to reports in the Financial Times.

February 2, 2011

Family-controlled media group Lagardere announced on 31 January that it is to sell its international magazine business to fellow family publisher Hearst Corporation for €651 million in cash.

Family-controlled media group Lagardere announced on 31 January that it is to sell its international magazine business to fellow family publisher Hearst Corporation for €651 million in cash.

The US-based publisher will take control of 102 magazine titles in 15 countries from the US to Hong Kong – a business which had revenues of €774 million last year.

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