Tycoon spells out family office use

Investment is not the only focus when developing a family office; Hong Kong needs to establish an ecological system to serve philanthropic purposes, a Hong Kong tycoon told the Asian Financial Forum yesterday.

Ronnie Chan Chi-chung, chairman of Hang Lung Group (0010), said it is important to have capital from outside the city and constantly keep it flowing in if Hong Kong aims to establish itself as a hub for family offices.

Meanwhile, it's also important to let people know that the development of the family office is not purely for investment, but also to step up philanthropy, Chan added.

During the forum's second day, Financial Secretary Paul Chan Mo-po said the Hong Kong financial market sees huge opportunities as the mainland economy develops and the city will improve the secondary listing mechanism in attracting more homecoming listings of Chinese concepts stocks.

Miao Jianmin, chairman of China Merchants Group, said Hong Kong has rich experience in green finance, which can help support its development in the mainland.

Meanwhile, Hong Kong is better positioned to play a key role in fintech or environment, social and governance development, compared to other financial centers such as Singapore, said the former chief executive of the Hong Kong Monetary Authority, Norman Chan Tak-Lam, at the forum.