“Geopolitics and escalating tensions between China and the West have led to an increased interest and motivation for China’s private companies to look to the rapidly growing economies in Southeast Asia for making their investments,” said Hew, adding that Singapore has long positioned itself as a springboard for such investments into the region.
China’s Ministry of Justice has approved the plan, which will add to Rajah & Tann’s Shanghai office.
Allen & Gledhill entered China with a new office in Shanghai in January to help Chinese companies “navigate the challenging and evolving business and legal landscape across” Southeast Asia.
Singapore is a favored regional hub for Chinese businesses seeking to go global. The moves by Rajah & Tann and Allen & Gledhill contrasts with some foreign firms shrinking their presence in China and Hong Kong amid a dearth of deals and increased regulatory oversight from Beijing.
See also: Xi signals China may finally move to end deflationary price wars
Philadelphia-founded Dechert is closing its outposts in China and Hong Kong. Mayer Brown is breaking away from a 160-attorney Hong Kong partnership and Winston & Strawn is shuttering its office in the city.
Foreign law firms with offices in China fell to 205 in 2022 from 225 in 2019, based on the latest available numbers from the Ministry of Justice website.
