More than 200 family offices set up in Hong Kong

Hong Kong has attracted more than 200 family offices with the help of Invest Hong Kong, surpassing a key performance indicator set in the 2022 Policy Address ahead of schedule, the Financial Services and the Treasury Bureau said on Monday.

The bureau said the figure does not include those established independently or through support from the city's professional services network, suggesting the actual scale of Hong Kong's development as a family office hub is even more substantial.

Hong Kong Chief Executive John Lee Ka-chiu in his first Policy Address put forward a clear target of facilitating no fewer than 200 family offices in establishing or expanding their operations in the city by the end of 2025.

As the biggest cross-border wealth management center in Asia, Hong Kong’s assets under management surpassed HK$35 trillion as of end-2024, a year-on-year increase of 13 percent, with net fund inflows surging by over 80 percent to HK$705 billion, reflecting the growing appeal of the city as an international asset allocation hub, the Financial Services and the Treasury Bureau said.

The SAR government pledged to refine policy measures, such as further enhancing the preferential tax regimes for funds, single family offices and carried interest, to keep up the growth momentum of the family office sector, said Christopher Hui Ching-yu, the Secretary for Financial Services and the Treasury.

InvestHK is committed to building a capital matching platform to promote the dual development of finance and technology, said, Alpha Lau Hai-suen, director-general of investment promotion.

The Global Head of Family Office at InvestHK, Jason Fong Chin-kong added the agency also aims to assist more families in establishing a robust succession mechanism, enabling the smooth transfer of both wealth and values across generations.

STAFF REPORTER