Inside Hong Kong's journey to become a leading family office destination

Christopher Hui, the Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region (HKSAR), said the city's wealth management capabilities strengthen its position as a leading global family office hub, in an exclusive interview with CGTN on Wednesday.

Hui also stressed the significance of projecting the city's soft power to attract long-term investors and corporations.

Last year, Hong Kong set a target of attracting 200 large family offices to the city by 2025 and rolled out a series of favorable policies to lure wealthy family offices, including the new capital investment entrant scheme and tax concessions.

To strengthen its position as a hub for family offices, Hong Kong hosted its inaugural Financial Mega Event Week in late March to showcase the global financial center's diverse financial services, including family offices, wealth management and green finance.

"We had a very productive and fruitful week, with three key events happening in Hong Kong," Hui remarked.

"The focus on showcasing Hong Kong's wealth management and financial services excellence through these events demonstrates our city's appeal as a sustainable destination for growth and success."

Hong Kong housed an estimated 2,700 single-family offices last year, according to the Deloitte study commissioned by the HKSAR government published in March. These family offices managed at least $10 million, while 885 of them had at least $100 million in assets as of the end of last year.

By recognizing the increasing importance of family offices in the global financial landscape, Hong Kong has strategically positioned itself to meet the needs of this specialized sector.

By offering competitive tax incentives, innovative investment schemes and a conducive business environment, Hong Kong has emerged as the ideal destination for family offices seeking stability and growth.

Hui stressed that developing Hong Kong as an international asset and wealth management hub and attracting global family offices are crucial for the city's long-term economic growth and development.

(Cover: A view of Victoria Harbor in Hong Kong, south China, November 24, 2021. /Xinhua)