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revamped investment migration scheme, new tax concessions and
incentives such as art storage facilities at the city's
international airport will be part of the offerings for family
offices in the Chinese special administrative region, the
government said in a statement.
The announcement comes as the former British colony holds the
Wealth for Good summit on Friday, which it said had attendance
from more than 100 family offices and business figures including
former Yahoo CEO Jerry Yang, tycoon Richard Li, Robert Rosen of
the Bill and Melinda Gates Foundation and Neil Shen, founding
managing partner at Sequoia China.
"The policy statement demonstrates our determination to develop
Hong Kong into a leading global family office hub," Paul Chan,
the city's financial secretary said.
Chan said this would help bolster Hong Kong's financial sector
as well as areas including technology, green, arts and culture
and philanthropy.
City leader John Lee said last year that he had set a target of
attracting 200 large family offices to set up in Hong Kong by
2025.
Hong Kong's push to attract wealthy families comes as many
wealthy individuals and companies shifted to rival financial
hubs such as Singapore after Beijing's imposition of a national
security law on Hong Kong in 2020.
The shift was accelerated by stringent COVID curbs that sealed
Hong Kong's borders and isolated it from the rest of the world
as it followed China's zero-COVID policy.
Hong Kong has tried to rejuvenate its image by hosting a series
of events and conferences designed to appeal to international
visitors including Art Basel this week and the Rugby Sevens and
music festival Creamfields in April.
(Reporting by Farah Master; Editing by Jamie Freed)
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