Family office brings in more wealth

FamilyOfficeHK has helped 14 families to set up offices or expand their businesses in the city since last June, and those from the mainland account for around 30 percent of them.

Under InvestHK, the team said that it has been in talks with more than 50 families all over the world in terms of having an office in the international financial hub since it was established in June 2021, though the Covid pandemic has stopped it from reaching out physically to them.

A report by the Financial Services Development Council showed that the total assets under management of Chinese family offices reached 891 billion yuan (HK$982.88 billion) in 2022, while the global number could amount to US$6 trillion (HK$46.8 trillion).

As the government further relaxes travel restrictions, FamilyOfficeHK's global head Dixon Wong Hang-tak said the team will visit countries in the Middle East in mid-October, including Dubai and Abu Dhabi.

The trip aims to attract local rich families to come to invest in Hong Kong, mainland China and even Asia, deputy global head Christine Ho said, adding that the Middle East enjoys good relations with the west and China and Hong Kong should pay attention to this.

Later on, the team will visit Europe as well as some major cities in the mainland like Beijing and Shanghai, she said.

Compared with the competing neighbors including Singapore, Ho stressed that Hong Kong has several advantages with its lower taxes, permanent residency without complex re-entry requirements, and financial talent with rich experience in the capital markets.