Some Family Offices Have Decided To Move Here: FS

Financial Secretary Paul Chan on Sunday said a summit held to attract family businesses to Hong Kong has concluded with a fruitful end, with some attendees saying they have already decided to move to the city.

Writing on his blog, he noted that the Wealth for Good in Hong Kong Summit was held in the Palace Museum on Friday, attended by around 400 representatives in charge of over 100 global family offices.

The minister said he had explained to them that Hong Kong is a hub for funds, talents and culture from mainland China and across the world.

He said many participants said they were impressed by the speed and vibrancy of the economic recovery here, and were preparing to, or have decided, to set up their family offices in the city.

“In fact, during the summit, many attendees told me that this event had successfully gathered a lot of people in charge of family businesses, and it was the first time they were able to catch up with each other in recent years,” he said.

Family offices control billions of dollars in investments on behalf of wealthy families around the world, and Chief Executive John Lee had said in his policy address that he hopes to attract no fewer than 200 of them to establish or expand their operations in the SAR by the end of 2025.

Authorities had since proposed a series of measures to that end, including a new visa scheme and tax exemptions.

Meanwhile, Chan noted he will pay a duty visit to Malaysia and Singapore from Sunday, and will meet with government officials and the business sector there.