Asia's wealthy establishing more family offices to chase returns

Family business owners are expected to set up family offices in mainland China and Hong Kong as their profits have taken a hit from the pandemic, a new PwC report has found. According to the PwC Global Family Business Survey 2021 and Global Family Business Survey-China report released on Tuesday (May 18), 46% of family business owners thought that the pandemic had a bigger impact on growth than the Great Recession did, which had a negative impact on family business profit (see cha…