Exclusive | Thailand’s Chearavanont clan considers a Hong Kong family office, answering city’s ‘Wealth for Good’ call to set up Asia hub to manage fortunes

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The CP Group’s senior chairman Dhanin Chearavanont and his eldest son Soopakij will join a Friday gala dinner at the Palace Museum after the Wealth for Good summit

A family office in Hong Kong is a good opportunity to consolidate the sprawling investments by one of Asia’s wealthiest clans, said a family member

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Peggy Sito

Published: 2:36pm, 22 Mar 2023Updated: 8:46pm, 22 Mar 2023

The Chearavanonts, whose members have dominated Thailand’s billionaires list for decades, plan to set up an outfit in Hong Kong to invest the clan’s fortunes, becoming one of the biggest names in the rarefied world of family offices to heed the city’s ambition of becoming Asia’s wealth management hub.

Dhanin Chearavanont, the senior chairman and second-generation scion of the Charoen Pokphand Group, will fly in with his eldest son Soopakij – the CP Group’s chairman – to join a Friday gala dinner at the Palace Museum, the highlight of the city’s inaugural Wealth for Good summit, said a clan member.

The two executives will be in Hong Kong to see for themselves and “get a better picture” of Hong Kong’s prospects as a hub for the ultrawealthy to invest and do good, said CT Bright’s vice-president Alex Jiaravanont, a nephew of Dhanin and cousin of Soopakij.

“We see Hong Kong as a good intersection of many things” said Jiaravanont, who also goes by the Thai name Ekachai. “It is part of China, the second-largest economy in the world, with links to the rest of the world, along with low taxes and a vivid lifestyle”.

The CP Group’s Super Brand Mall in Shanghai’s Lujiazui financial district, one of the largest shopping centres in China. Photo: Weibo

Hong Kong’s government is eager to promote the city as the Asian hub for wealth management and philanthropy, and is poised to announce a number of incentives on Friday during the summit to attract family offices to set up. More than 100 decision makers from global family offices and their teams will take part in the summit.