Global family offices flock to Hong Kong as property, stock market and Greater Bay Area opportunities act as magnet
- Many families have been very positive about the removal of restrictions on real estate in Hong Kong, family office association chair Jessica Cutrera says
- Opportunities in the Greater Bay Area are also helping to attract family offices to set up in city, Chinese University’s family office centre executive says
The removal of property curbs, a stock market rebound and growing opportunities in the Greater Bay Area are attracting an increasing number of family offices to Hong Kong, according to industry players.
“Many families have been very positive about the removal of restrictions on real estate because that is a very popular asset class for family [office] investments,” said Jessica Cutrera, chair of the Family Office Association of Hong Kong. “It is one more sign that the Hong Kong government is committed to developing family offices.”
The policies enhance the ability of family offices to continue to invest in Hong Kong’s real estate, added Cutrera, who is also the president at Leo Wealth, which offers advisory services to global multifamily offices.
The Hong Kong government removed property cooling measures, including the extra stamp duty, at the end of February, while the Hong Kong Monetary Authority simultaneously relaxed decade-old stringent mortgage policies.
Apart from the easing of property curbs, Hong Kong has offered a range of incentives to attract international family offices, including tax breaks in May last year and an investment-based migration scheme in March this year.