Wealth for Good in Hong Kong Summit to demonstrate Hong Kong's role as family office hub
The Chief Executive, Mr John Lee, said, "The WGHK showcases Hong Kong's unique advantages as an international asset and wealth management hub to global family offices and asset owners. The summit will introduce to them the opportunities offered by Hong Kong for wealth allocation, fostering the positive and long-term development of family office businesses. Through the WGHK, the HKSAR Government will build stronger connections with decision makers of global family offices and assist them in exploring opportunities and implementing their development plans in Hong Kong, thereby encouraging more family offices to establish a presence. Family offices in Hong Kong and industry leaders will also exchange views and network with global peers and partners."
The Financial Secretary, Mr Paul Chan, said, "Our country supports Hong Kong in strengthening its position as an international asset management centre. The HKSAR Government has continued to enhance Hong Kong's competitiveness as an international asset and wealth management centre through a series of reform measures, including the provision of tax concessions, the establishment of a dedicated service team, and the active cultivation of talents in relevant sectors, with a view to attracting more family offices to set up in Hong Kong. The WGHK will be a global premier event for family offices, showcasing investment and a wide range of opportunities in areas like arts and culture, green development and philanthropy that Hong Kong can bring to family offices. It will not only enhance Hong Kong's attractiveness and position as a family office hub, but also whip up the demand for asset management and other related professional services, creating more business opportunities for Hong Kong."
The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, "We selected the Hong Kong Palace Museum as the venue for the WGHK because this new cultural landmark displays priceless national treasures from the Palace Museum along with the finest arts from around the world. Guests will be able to enjoy the essence of blending East and West, and old and new, as well as to appreciate a unique ambience of an East-meets-West centre for international cultural exchange. This coincides with Hong Kong's role as a bridge connecting the Mainland and global capital markets."
Promoting the setup and expansion of global family offices in Hong Kong is an important policy objective of the HKSAR Government. As announced by the Chief Executive in his Policy Address, a target is set in attracting no less than 200 family offices to establish or expand their operations in Hong Kong by end-2025. The HKSAR Government is also taking forward a legislative proposal to offer tax concessions for qualified family offices.
As announced in the 2023-24 Budget by the Financial Secretary, the WGHK is a key project to attract more global family offices to Hong Kong, and it will cover the following key themes:
(a) Wealth for Tech: Hong Kong's financing capability to empower the next generation of technological innovations, and Hong Kong's investment opportunities for global family offices;
(b) Wealth for Art: Hong Kong's unique positioning as an East-meets-West centre for international cultural exchange;
(c) Wealth for Green: Hong Kong's commitment in driving global transition towards green and sustainable development; and
(d) Wealth for Philanthropy: Hong Kong's role as a philanthropy centre for global family offices to deploy wealth for good causes.
More details about the WGHK will be released by the HKSAR Government.
Ends/Monday, March 6, 2023
Issued at HKT 17:00
Issued at HKT 17:00