Hong Kong unveils measures to boost family office businesses

HONG KONG -- Hong Kong on Friday announced new measures on developing family office businesses, aiming to develop a vibrant ecosystem for global family offices and asset owners in the international financial center and wealth management center.

According to a policy statement issued by the Hong Kong Special Administrative Region government, Hong Kong will work to roll out a new Capital Investment Entrant Scheme, offer tax concessions, and market facilitation measures.

The dedicated FamilyOfficeHK team will expand its role to also cover services like facilitating philanthropic endeavors of wealth owners and assisting in education related matters, according to the statement.

Paul Chan, financial secretary of the HKSAR government, said the policy statement demonstrates the determination to develop Hong Kong into a leading global family office hub.

"Developing family office business will be conducive to pool capital from around the world in Hong Kong, bolster our financial market as well as asset and wealth management industry," he said, adding, "it will also promote the sustainable development of Hong Kong's financial and professional services, innovation and technology, green, arts and culture and philanthropy, creating strong impetus for Hong Kong's growth."

Christopher Hui, secretary for financial services and the treasury of the HKSAR government, said the measures announced in the policy statement represent the holistic offerings of Hong Kong for global family offices and asset owners.

"The attractiveness of Hong Kong goes beyond our role as an investment and financing center, and the policy measures are formulated to showcase the full charm of Hong Kong as an international cosmopolitan city from multiple dimensions," Hui said.