Hong Kong is recognized as a trusted gateway for global capital seeking access to opportunities across Asia and beyond, according to Invest Hong Kong, the government agency tasked with promoting inward direct investment.
The special administrative region’s leadership is further evidenced by its standing as Asia's largest hedge fund hub and Asia's largest cross-border wealth management center, Charles Ng Siong-kwong, associate director-general of Investment Promotion at InvestHK, said on Tuesday.
He made the statement during a policy briefing for the professional services sector to promote Hong Kong's family office development.
Targeting legal and professional services firms from the Chinese mainland, the event provided deep insights into the SAR’s latest policy developments including family office policies and tax incentives.
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Over 60 representatives from legal and professional firms serving high-net-worth clients participated in the event, expressing keen interest and strong confidence in the evolving role of the city’s professional services sector and the future of its family office ecosystem, according to the government.
Key topics covered included interpretation of Hong Kong's latest family office policies, comparisons with regional regimes and tax incentives, case studies and a question-and-answer session.
The session aimed to enhance understanding among legal and advisory firms of Hong Kong's policy landscape, strengthen participants' positioning as cross-border advisors to ultra-high-net-worth individuals, and facilitate the development of business networks in Hong Kong.
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Pointing out that Hong Kong is the leading hub for asset and wealth management in Asia with over $4 trillion in assets under management, Ng said: “The professional services sector plays a strategic and indispensable role in enabling this ecosystem to flourish.”
InvestHK is committed to working closely with legal, accounting, trust, and advisory professionals to promote policy understanding and strengthen Hong Kong's competitiveness in cross-border wealth management and succession planning, he added.
Legal professionals attending the event provided perspectives on Hong Kong's family office policies and the growing opportunities arising from them.
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“With increasing interest from ultra-high-net-worth individuals in Asia, Hong Kong's forward-looking initiatives, including tax incentives and efficient market processes, solidify its position as the region's leading destination for family offices,” said Chan Chak-ming, chair of the Family Office Committee at the Law Society of Hong Kong.
The committee aims to strengthen Hong Kong's role as a nexus for global wealth, ensuring it remains responsive to the sophisticated needs of ultra-high-net-worth individuals while reinforcing trust and long-term confidence, he added.
