Philippine-Chinese billionaire Lucio Tan, who as a small child fled China with his parents to the Philippines, is one of the savvier ones. Mr. Tan, who learned how to navigate the murky waters of business and politics under the late Philippine dictator Ferdinand Marcos, emerged as one of Asia's richest men, prospering not only in the Philippines, but in China as well. According to Victor Limlingan, a professor at the Asian Institute of Management, it was getting in nearly two decades ago that made the difference for Mr. Tan. "When he went into China, the Chinese weren't so sophisticated," says Mr. Limlingan. "The early investors could run rings around them. But as the Chinese authorities grew in sophistication it became more difficult for the newcomers."