From Tokyo to Fukuoka: Why a Billionaire Singaporean Lawyer is Betting Big on Japan’s Real Estate Market
Mr. Chung, a lawyer living in Singapore
Singapore is a gathering place for the world’s wealthy, with celebrities such as Oriental Radio’s Atsuhiko Nakata and Misaki Ito moving there one after another. How do the “real millionaires” who live there see the future of “Japan in decline”?
Estimated assets: over 1 billion yen/Ting Fai Trung (50s)
Founding partner and managing partner of law firm CTF & Co. He emigrated from Hong Kong at the age of six. His father was a small farmer, and after completing his military service, Chung obtained a law degree from the National University of Singapore and became a lawyer. He has a wide range of clients, from individuals to listed companies.
A veteran lawyer with over 30 years of experience, Trung has already visited Japan twice since the start of 2024.
“I traveled with friends at the beginning of the year and went on a business trip in the spring. Before COVID-19, I went to Kyoto to visit the historical sites of Sakamoto Ryoma. It’s interesting that in Japan, people collect all kinds of things, like train goods or software related to anime like ‘Gundam.’ Singapore is a young country that pursues economic rationality, so I feel like there are not many people who enjoy hobbies.”
Trung has experience in kendo, influenced by his grandfather and his brothers, who studied at a university in Japan during the Meiji era.
“I’m also paying attention to Japanese companies. Uniqlo is simple and convenient in Singapore, where men’s clothing stores often have small sales floors. Don Quijote sells everything in Japan, but here they only select items that will sell locally, which I think is clever. Daiso and Kinokuniya Bookstore are also great. However, the sales floors at Tokyu Hands here are small, so shopping in Japan is cheaper and more fun (laughs).”
Japanese companies are doing well in the country, but restaurants are often withdrawing.
“People in Hong Kong and Taiwan are very particular about the origin of Japanese rice and other products, but many people in Singapore aren’t as particular about this. On the other hand, they like major foods like tempura and sushi, and famous brands like Dassai, so it will be difficult unless you do a good job of branding.”
In addition to resolving civil and criminal disputes, Chung’s firm also provides advice on inheritance matters for wealthy individuals in China, ASEAN, and Japan, and has Japanese lawyers on staff. While most of Chung’s income comes from these businesses, he says that asset management has also contributed to increasing his assets.
“Of course, I take great care to avoid any insider trading. I always think long-term about asset management, and have invested in Singaporean blue chip companies, the US semiconductor manufacturer NVIDIA, and the Hong Kong bank HSBC Holdings. I’m also currently interested in Japanese real estate. I’m focusing on Fukuoka in Kyushu. Inheritance tax in Japan is a bit tough, though.”
When asked about his favorite spot in Japan, Chung immediately replied, “Soseki Memorial Museum” (Shinjuku-ku, Tokyo), a museum dedicated to Natsume Soseki. A staunch Japanophile and asset management professional, it seems he will soon be expanding into Kyushu.
Interview/Text/Photo: Yoko Hanawa (Financial Planner, Singapore)
After working at a foreign investment bank, he became independent as a financial planner. In 2015, he moved his base of operations to Singapore and has been involved in wealth management at family offices (asset management companies for wealthy families). His most recent publications include “How to Increase Your Assets According to Global Standards: The Basic Principles of Investing to Live a Rich Life” (Toyo Keizai Shinposha, co-authored by fund manager Hiromitsu Kawakita).