Centaline Group, one of Hong Kong’s largest property agencies, is expanding its family office business by partnering with China Asset Management (Hong Kong), the nation’s second-largest mutual fund by assets, to offer wealth management products amid a real estate slump. Centaline Wealth Management Ltd. will begin providing fixed-income, money market funds, and exchange-traded funds through this collaboration. The move comes as Centaline’s core property business has contracted, with staff numbers dropping about 67% to 20,000 and outlets halved to around 1,200 over the past three to four years. Facing stiff competition from banks and other wealth managers in Asia, Centaline has grown its family office services since last year, with its wealth arm managing USD500m in assets since August, aiming to double that figure.