PRMMS Hero 2024
marketing interactive Digital Marketing Asia Singapore 2024 Digital Marketing Asia Singapore 2024
Hong Kong introduces measures to attract 200 family offices by 2025

Hong Kong introduces measures to attract 200 family offices by 2025

share on

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.

Don't miss: Over 10 Hong Kong-listed firms say their deposits at SVB are immaterial

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.

Join Content 360 - Hong Kong: Stories For A New Era where over 150 content marketers come together to shape the future.  Content 360 - Hong Kong is a must-attend conference that focuses on cutting-edge content trends, innovative creation techniques, strategies to customise your content for the newest marketing channels, and more. Don't miss out on this opportunity to elevate your content marketing game in Hong Kong! Tickets are on sale now, register today.

Related articles:

HK sports federation urges government to push Google again over another anthem blunder
HK plans to improve SEO for government sites following anthem blunders
Hong Kong invites tenders for digital media promotion of Brand HK


share on

Follow us on our Telegram channel for the latest updates in the marketing and advertising scene.

Free newsletter

Get the daily lowdown on Asia's top marketing stories.

We break down the big and messy topics of the day so you're updated on the most important developments in Asia's marketing development – for free.

subscribe now open in new window