Hong Kong plans to introduce a series of policies that are expected to lure at least 200 large family offices to set up or expand their operations by 2025, according to the city's treasury chief Christopher Hui.
Hui said on a CRHK programme on Monday that many family offices are interested in learning more about setting foot in Hong Kong. He described that the measures the government is introducing are mainly divided into three aspects, namely "profit", "convenience" and "emotion".
This came after the government’s plan to introduce a series of measures including a new capital investment entrant scheme and tax concessions to attract wealthy family offices the same day Hong Kong hosted a conference aimed at attracting such businesses. Hui expected the proposal could be passed by the Legislative Council within one to two months.
Moreover, Hui said that many family offices hold many investment projects and may consider listing in Hong Kong in the future. "Attracting family offices to Hong Kong can also benefit other financial services and economic sectors, such as accounting and professional consulting industries," he said.
He also pointed out that 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 government plans to establish a wealth legacy academy to strengthen communication and cultivation of family offices.
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On the recent collapse of Silicon Valley Bank and the crisis of Credit Suisse, Hui said it has not been having a major influence on Hong Kong as local banks' exposure is very limited. He also said the local banking system in Hong Kong is healthy with a capital adequacy ratio of more than 20%, which is way above the international minimum requirement 8%.
Back in October last year, Hong Kong's chief executive John Lee said the city aims to attract at least 200 large family offices to set up or expand their operations in the city by 2025.
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