Hong Kong News

Nonpartisan, Noncommercial, unconstrained.
Saturday, Jul 20, 2024

Movers, shakers from global family powerhouses ‘eyeing Hong Kong office’

Movers, shakers from global family powerhouses ‘eyeing Hong Kong office’

Paul Chan says high-net-worth individuals impressed by city’s economic recovery, vitality and charm, especially on art transactions front.

More key decision-makers from global family powerhouses are eyeing Hong Kong to set up shop, the city’s finance minister has revealed following a recent high-level summit aimed at such individuals.

Pointing to surging demand in art transactions of high-net-worth families, Financial Secretary Paul Chan Mo-po on Sunday said their entrance would also boost Hong Kong’s development as a global art auction and trading centre.

“Many decision-makers have also said the speed of Hong Kong’s economic recovery, as well as its vitality and charm, is impressive. They are planning or have already decided to establish a family office in Hong Kong,” he wrote on his official blog, without revealing names.

Financial Secretary Paul Chan attends a press conference.

The Post on Wednesday reported that Thailand’s Chearavanont clan, whose members have dominated the country’s billionaires list for decades, planned to set up a family office in the city.

Chan’s latest remarks came two days after speaking at the “Wealth for Good in Hong Kong” summit, which brought together more than 400 participants including more than 100 key decision-makers of global family offices or private entities formed to manage the fortunes of affluent individuals and forge early ­succession plans.

It was the first event of its kind organised by the government to engage industry experts and wealthy prospective clients, taking place on Friday at the Hong Kong Palace Museum and coinciding with flagship contemporary arts fair Art Basel Hong Kong.

“Their investments are not only limited to financial products … They have great demand for art transactions, collections and management,” he said.

“Attracting more family offices to Hong Kong will help develop the city as a global art auction and trading centre.”

Authorities on Friday announced a list of incentives for family offices to establish a presence in the city, such as a relaunched investment-migration scheme, tax exemptions and the establishment of art storage facilities at the airport.

Other government measures include the setting up of a new Hong Kong Academy for Wealth Legacy under the Financial Services Development Council, a move aimed at cultivating a talent pool for family offices in Hong Kong.

Chief Executive John Lee Ka-chiu previously stated his aim to get at least 200 of the world’s top family offices to set up or expand operations in the city by 2025.

In 2021, Hong Kong’s total trade value of artworks, collectors’ pieces and antiques reached HK$66.6 billion (US$8.5 billion), ranking among the top in the world and quadruple the value in 2017.

Chan on Sunday will commence his five-day trip to Malaysia and Singapore to promote the city’s advantages in finance, arts, culture, as well as innovation and technology to officials, businessmen and academics.

The minister will stay in Kuala Lumpur till Tuesday, where he will meet senior government officials and business leaders, and tour a number of enterprises, before heading to Singapore to speak with local representatives, take part in exchange sessions, as well as join a conference organised by the Post.


Related Articles

Hong Kong News
It's always the people with the dirty hands pointing their fingers
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Steve Jobs' Son Launches Venture Capital Firm With $200 Million For Cancer Treatments
Google reshuffles Assistant unit, lays off some staffers, to 'supercharge' products with A.I.
End of Viagra? FDA approved a gel against erectile dysfunction
UK sanctions Russians judges over dual British national Kara-Murza's trial
US restricts visa-free travel for Hungarian passport holders because of security concerns
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Political leader from South Africa, Julius Malema, led violent racist chants at a massive rally on Saturday
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
'I am not your servant': IndiGo crew member, passenger get into row over airline meal
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Spanish Citizenship Granted to Iranian chess player who removed hijab
US Senate Republican Mitch McConnell freezes up, leaves press conference
Speaker McCarthy says the United States House of Representatives is getting ready to impeach Joe Biden.
San Francisco car crash
This camera man is a genius
3D ad in front of Burj Khalifa
Next level gaming
BMW driver…
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to X.com
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Joe Biden admitted, in his own words, that he delivered what he promised in exchange for the $10 million bribe he received from the Ukraine Oil Company.
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
The Last Pour: Anchor Brewing, America's Pioneer Craft Brewer, Closes After 127 Years
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Why Do Tech Executives Support Kennedy Jr.?
The New York Times Announces Closure of its Sports Section in Favor of The Athletic
BBC Anchor Huw Edwards Hospitalized Amid Child Sex Abuse Allegations, Family Confirms
Florida Attorney General requests Meta CEO's testimony on company's platforms' alleged facilitation of illicit activities
The Distorted Mirror of actual approval ratings: Examining the True Threat to Democracy Beyond the Persona of Putin
40,000 child slaves in Congo are forced to work in cobalt mines so we can drive electric cars.