Secretary for Financial Services and the Treasury Christopher Hui Ching-yu delivers the opening remarks at the Wealth for Good in Hong Kong Summit on March 24, 2023. Hui said in a radio program on March 27, 2023 that family offices hold many investment projects and may consider going public in the SAR in the future. (PHOTO PROVIDED TO CHINA DAILY)
Family offices have responded well to Hong Kong’s efforts to boost their operations in the city, with the special administrative region government receiving many inquiries about new stock listings and related tax arrangements following the Wealth for Good in Hong Kong summit in the SAR last week.
The summit was held to convince global family offices to invest in Hong Kong and make the international financial and wealth management center their base by the end of 2025.
Financial Secretary Paul Chan Mo-po said in his Sunday blog many global family office businesses are planning, or have decided to set up a family office in Hong Kong
Secretary for Financial Services and the Treasury Christopher Hui Ching-yu said in a radio program on Monday that family offices hold many investment projects and may consider going public in the SAR. “Attracting family offices to Hong Kong can also benefit other financial services and economic sectors, such as accounting and professional consulting industries,” he said.
Family office decision-makers are very concerned about how to carry forward and use family wealth in a good place in the future, so the SAR government plans to establish the Hong Kong Academy for Wealth Legacy to strengthen family office exchanges and cultivation, said Hui.
He said family offices enjoying tax relief will be required to hire at least two people in Hong Kong every year and spend HK$2 million ($256,400) in related expenses to ensure that, while attracting family offices, they can promote the local economy and employment.
Financial Secretary Paul Chan Mo-po said in his Sunday blog many global family office businesses are planning, or have decided to set up a family office in Hong Kong.
“Hong Kong has a safe, stable, prosperous and orderly financial market which implements the common law system and market rules that are highly in line with international standards,” he said.
“Hong Kong also offers different types of professional services, making the city a confluence of mainland and international funds, talents, investment products and cultural artworks. It can fully meet the business and investment needs of family offices,” Chan wrote.
In addition, there are more than 50 international schools, and over 200 Michelin restaurants in Hong Kong that can offer rich children many choices in education, as well as culinary experience.
The family office is an important part of the asset management business, and the investment scope is not limited to financial products but also includes cultural art. “They have a great demand for art transactions, collections and management, and are very interested in promoting medical research, green development, and even philanthropy,” Chan said.
“The total auction transaction volume of artworks, collections and antiques in Hong Kong exceeded HK$66 billion in 2021, ranking among the top in the world. We believe that attracting more family offices to Hong Kong will help develop Hong Kong as a global art auction and trading center,” he said.
The HKSAR government promulgated its Policy Statement on Developing Family Office Businesses last week in a bid to accelerate the growth of family businesses through eight strategic directions.
The government invited more than 400 decision-makers and senior management representatives of family offices from North America, Europe, Asia, the Middle East and Hong Kong to attend the Wealth for Good in Hong Kong Summit to discuss the technology, philanthropy, green and art aspects of family office businesses.
Hong Kong has set a target of attracting no less than 200 family offices from around the world to expand their operations in the city by late 2025.
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