64 family offices setting up or expanding business in HK

The dedicated team of Invest Hong Kong, under the Commerce and Economic Development Bureau, has assisted 64 family offices in setting up or expanding their businesses in the city.

That included 49 mainland family offices, eight from Asia and seven from North America and Europe.

The authority added that family offices from the Middle East have not yet been established.

As of the end of 2023, around 2,700 family offices are operating in the city, with over half of them set up by individuals having a wealth of US$50 million or more. 

Over 650 inquiries about setting up family offices have been received in the past 33 months, mainly from the mainland along with ASEAN and European countries.

Additionally, 136 family offices are either preparing to establish a presence locally or have already decided to do so, with 82 originating from the mainland.

InvestHK emphasizes that they do not impose regulations on investment projects or amounts, and will provide tailored support services as needed.