Investors welcome to set up family offices in HK as wealth management among govt policy priorities: CE

Chief Executive Lee Ka-chiu said at a financial summit that he welcomes investors setting up family offices in the city, which can help boost Hong Kong's competitiveness and liquidity.

In his address at the inaugural HSBC Global Investment Summit, Lee acknowledged that the recent fluctuations in Hong Kong's stock market have disappointed some people. 

However, he underscored the market's resilience and added that it has bolstered the confidence of many investors in the city's long-term prospects.

The city's leader stated that there are currently 2,700 family offices in Hong Kong, generating a considerable multiplier effect on the city's economy.

He said investors were welcome to set up more family offices in Hong Kong, as the development of the wealth management industry is among the government's policy priorities. 

The financial hub has seen the net capital inflow exceeding US$11 billion last year - a year-on-year increase of 93 percent.

Lee further highlighted Hong Kong's advantages under the one country, two systems, as it provided low tax rates and an independent judicial system and also facilitated a free flow of money.

These factors position Hong Kong as a key player in connecting the mainland and overseas and as a city with immense potential for value addition, he added.

Lee also pointed out that Hong Kong will continue attracting enterprises and talents from around the globe, with the top talent pass scheme drawing 110,000 people to the city.