Hong Kong unveils plans to repair damage inflicted by protests on its image as a financial hub
- Measures include encouraging private equity funds and family wealth management offices to set up shop in the city
Hong Kong officials and regulators on Tuesday unveiled plans to promote the financial sector in an attempt to reboot confidence in the city as a fundraising centre and a springboard into the Greater Bay Area.
The city’s reputation as a global business and financial hub has taken a battering from three months of anti-government rallies that have frequently descended into violent clashes with riot police.
The government will introduce measures to encourage more international private equity funds to help Shenzhen-based technology start-ups raise funds in the city, according to Financial Secretary Paul Chan Mon-po.
Other measures will include trying to attract more family offices to set up in the city to manage their wealth, Chan said.
“Attracting private equity funds and family offices to come to Hong Kong will be the two future developments to allow the city’s financial sector to capture the opportunities arising from the development of the Greater Bay Area,” Chan told hundreds of brokers and bankers at the stock exchange’s Connect Hall on Tuesday.