Hong Kong taps property tycoons to attract family offices
THE Hong Kong government has tapped property tycoons to lure more family offices to the financial hub.
The city set up the Hong Kong Academy for Wealth Legacy on Thursday (Nov 9), in a move to regain its global significance in finance. Adrian Cheng, the billionaire behind New World Development, was appointed as chairman while Daryl Ng, deputy chairman at developer Sino Land, will be a board member.
Financial hubs around the world are stepping up efforts to draw in the super rich. Hong Kong has recently introduced a slew of tax and residency incentives to lure more money management firms to the city.
With the academy, “we build the ecosystem of family offices in a more structured way and also to accelerate our path towards reclaiming our position as the preeminent global family office hub,” Cheng said.
He added that he has seen significant interest from markets including China, the Middle East and South Korea.
Amy Lo, co-head of UBS Group’s wealth management business for Asia-Pacific, will serve as a board member.
Singapore poses the biggest competition to Hong Kong with its offering of tax breaks and geopolitical stability. The city-state had about 1,100 family offices at the end of last year, compared with just 400 in 2020, according to Monetary Authority of Singapore estimates. Hong Kong is targeting at least 200 top-tier offices by 2025. BLOOMBERG
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