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Hong Kong leader sets target for family offices, lends support for IPO reform, green finance to fend off challenge from Singapore
- Lee unveiled measures to strengthen the city’s role as an international finance centre by attracting more family offices, new listings and green financing
- Family offices are a ‘key growth segment’ of the asset and wealth management industry, Lee says in policy address
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Hong Kong unveiled a slew of measures to strengthen the city’s role as an international financial centre and fend off challenges from Singapore, dangling carrots to attract more global family offices, stock listings and green finance projects.
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Chief Executive John Lee Ka-chiu aimed to get at least 200 of the world’s top family offices to set up or expand their operations in the city by 2025, he said in his policy address on Wednesday. The city’s leader also signalled his government will move a piece of legislation with tax concessions to support his initiatives.
“Family offices are a key growth segment of the asset and wealth management industry,” Lee said. “The target is attracting no less than 200 family offices to establish or expand their operations in Hong Kong by end-2025.”
The decision came with one eye on its closest regional rival in Southeast Asia, which has usurped Hong Kong as the highest ranking centres after New York and London in the most recent industry survey, while the Chinese city struggled to overcome investor discontent over its stringent Covid-19 curbs. The city will gather top global financial executives in a summit next month to regain its lustre.
Family offices are private entities formed to manage the fortunes of wealthy individuals and forge early succession planning. InvestHK, an investment promotion agency, has helped 14 such offices establish their business in Hong Kong over the past year, with another 50 in the pipeline.
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