More measures on the way to attract family offices to Hong Kong, Paul Chan says

Hong Kong will introduce a series of measures for family offices to set up operations, boosting the city’s standing as a leading financial centre, according to Financial Secretary Paul Chan Mo-po.

“This year, in addition to our existing tax concessions for single family offices, we will expand exemptions for funds, enhance concessions for family offices and boost incentives for private equity,” Chan told participants at the Wealth for Good in Hong Kong summit on Wednesday.

“Hong Kong is Asia’s premier financial centre, offering a wide range of investment opportunities that are particularly compelling right now,” he added.

The city has more than 2,700 family offices, with half of them managing assets of more than US$50 million. In his first policy address in October 2022, Chief Executive John Lee Ka-chiu announced a goal of attracting at least 200 large family offices by the end of 2025.

So far, 160 family offices have launched operations, according to InvestHK, a government agency tasked with promoting the city.

The closed-door annual summit, held under the theme “Hong Kong – of the world, for the world”, “demonstrated Hong Kong’s unparalleled strengths as a bridge between East and West, where innovation, investment, and cross-cultural collaboration flourish”, according to an official press release.