HK hosts wealth summit

March 24, 2023

Resounding reassurance:

Chief Executive John Lee speaks at the summit’s principal dinner.

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Chief Executive John Lee:

The Hong Kong financial and banking sector is very healthy. Our adequacy and our liquidity levels are abundant. We are built to handle today's, and tomorrow's, market pressures. Built to reassure you and your future in Hong Kong.

That resounding reassurance is built, ladies and gentlemen, on the unique "one country, two systems" principle, implemented successfully in Hong Kong since 1997.

For those of you interested in setting up a family office here, I want you to know that the thriving development of your business in Hong Kong is a central policy priority of the Hong Kong Special Administrative Region Government.
 
That is why, in my annual Policy Address last October, I emphasised the family office as "a key growth segment" of our asset and wealth management industry. It is why we have invited you here today. It is also why we issued, earlier today, a Policy Statement on Developing Family Office Businesses in Hong Kong.

The new family office policy statement is wide-ranging. It covers everything from tax concessions and regulatory assistance, to a new Capital Investment Entrant Scheme, which offers a facilitated entry for residence by capital investments. We plan to provide profits tax exemption for family‑owned investment holding vehicles, managed by single family offices in Hong Kong, and we will continue to review our preferential tax regimes for funds and carried interest.

The good life extends well beyond business and finance. Hong Kong boasts a wealth of arts, culture and entertainment, a creative co-mingling of East and West.

Our calendar this year is filled with cultural extravaganzas, wine-and-dine delights and sporting events, alongside trade expos and high-level symposia.

That is Hong Kong, a global city built on business, trade and finance, a city infused with a flourishing, East-West culture. I invite you to make it your city. Your Hong Kong.

The Wealth for Good in Hong Kong Summit was held at the Hong Kong Palace Museum today, attended by over 100 key decision makers from global family offices and their professional teams from all over the world.

It featured panel discussions on family office sharing, wealth for tech, for philanthropy, for green as well as for art.

Speaking at the summit’s principal dinner, Chief Executive John Lee highlighted that Hong Kong's financial and banking sector is very healthy, with abundant liquidity levels.

“We are built to handle today's, and tomorrow's, market pressures. Built to reassure you and your future in Hong Kong.

“That resounding reassurance is built, ladies and gentlemen, on the unique ‘one country, two systems’ principle, implemented successfully in Hong Kong since 1997.”

Mr Lee also pointed out that the Policy Statement on Developing Family Office Businesses in Hong Kong issued today, was wide-ranging.

“It covers everything from tax concessions and regulatory assistance, to a new Capital Investment Entrant Scheme, which offers a facilitated entry for residence by capital investments.

“We plan to provide profits tax exemption for family‑owned investment holding vehicles, managed by single family offices in Hong Kong, and we will continue to review our preferential tax regimes for funds and carried interest.”

Financial Secretary Paul Chan said at the summit’s luncheon that Hong Kong has seen solid development in green and sustainable finances, innovation development, art and culture industries as well as philanthropy, making it an ideal base for global family offices.

He noted that Hong Kong’s competitive edge, including its robust financial markets, world-class financial infrastructures as well as diversified and efficient capital market with connection to the Mainland and the global capital markets, place it at the forefront as a leading asset and wealth management hub.

The summit was jointly organised by the Financial Services & the Treasury Bureau and Invest Hong Kong.

Secretary for Financial Services & the Treasury Christopher Hui emphasised the Government’s commitment to providing an environment conducive for global family offices to thrive in Hong Kong.

“The summit marks the start of a new journey and I am confident we can co-curate with all stakeholders a family office ecosystem that benefits all.”