An organization with around 120 global family offices as members has chosen Hong Kong as its regional base for Asia.
The Asian Family Legacy Foundation has selected Hong Kong as its base for Asia, according to an «SCMP» report citing its chairman, Michael Zhu. The foundation will focus on allowing its global members to collaborate, network and raise funds to donate to charity education, heritage protection and other community services across the region.
«We see Hong Kong as a prominent and vibrant city for building family legacies, particularly for family offices,» Zhu said.
Foundation Membership
The organization was founded in January and has a membership of 120 family offices, including those from Hong Kong, mainland China, elsewhere in Asia and Latin America.
«Among our 120 members, a lot of them are overseas family offices which really want to come to Hong Kong to learn about the policies and regulations here,» Zhu added.
Government Target
Hong Kong continues to make efforts to reach its announced target of attracting 200 new single family offices by 2025. It has unveiled a series of measures to lure the ultra-rich including a revamped investment migration program and a philanthropic initiative called «Impact Link» aimed at connecting donors with charity projects.
The report also cited Jason Fong, global head of government-backed FamilyOfficeHK, who said he is confident that the city can achieve the target. According to Fong, his team has already helped 64 family offices set up in Hong Kong with another 130 planning to do so.
