Rich Asian families tighten belts amid pandemic, while others seek bargains

The reluctance to rush for deals is potentially a warning sign for the global economy. - Bloomberg

HONG KONG (Bloomberg): In September, as Hong Kong's streets filled with tear gas and protesters, third-generation heir Tony Yeung remained confident the city's economy would bounce back from the turmoil. He regularly flew between Asia and Europe helping his family office and partners hunt for deals.

Now, deep in the midst of the economic havoc wrought by the coronavirus outbreak, Yeung is one of many Asian family office executives worried that a rapid recovery is unlikely.