Centaline Wealth Management, a subsidiary of Hong Kong’s Centaline Group, is expanding its family office services amid a real estate downturn. The division aims to manage USD1bn in assets for wealthy clients within 12 months, targeting individuals with USD3m to USD5m in assets. Established last year, the family office and private wealth department will offer services like asset allocation and alternative investment. This shift comes as Centaline faces a shrinking core business in Hong Kong and mainland China, with staff reduced by 67% to 20,000 and outlets halved to 1,200. Several mainland developers, including China Evergrande Group, owe significant commission fees to Centaline. Despite the challenges, Centaline is expanding its presence in Singapore and Taiwan, facing stiff competition in Asia’s wealth management sector.