200 family offices target will be met, says Hui

Staff reporter

The Hong Kong government has introduced 140 family offices to the city through its investment promotion arm InvestHK, says Secretary for Financial Services and the Treasury Christopher Hui Ching-yu.

Hui expressed strong confidence it will meet the target of assisting at least 200 family offices seeking to establish or expand their businesses in the city from 2022 to 2025, as proposed in the 2022 policy address.

He also highlighted Hong Kong's advantages in various areas including its connections with the mainland, tax system, talent pool and ability to offer tailor-made solutions for family offices.

Many family offices are looking for better allocations amid the challenges of a multipolar global landscape, and Hong Kong needs to seize this opportunity, according to Hui.

He said the government will reach out to family members who have not yet assumed power or inherited wealth, offering them insights into Hong Kong's investment opportunities, and cultivate relationships early on.

He said that within the family office ecosystem, in addition to wealth management and handling family legacy matters, non-traditional assets will also be addressed such as green investments, artwork and even philanthropy.

As a hub for arts and culture, Hong Kong has the right talent, which also aligns with the city's financial DNA, according to Hui.