Missing Chinese banker was working to set up Singapore family office
Missing Chinese investment banker Bao Fan, the billionaire founder and chair of China Renaissance, was reportedly planning to transfer some of his fortune from China and Hong Kong to Singapore by setting up a family office.
He disappeared this month, and his company has been unable to reach him. Bao's disappearance has raised concerns in international financial circles in China at a time when Beijing is trying to portray a more business-friendly image.
The number of family offices launched in Singapore by Chinese nationals eager to secure their family wealth has increased significantly in recent years, with estimated numbers reaching 1,500 by the end of 2022.