Several family offices in Hong Kong are collaborating to form a fund for targeting applicants of the city’s investment residency scheme.
Wings Capital as well as other family offices in Hong Kong are planning to raise $100 million from applicants of the city’s Capital Investment Entrant Scheme (CIES), according to an «SCMP» report. The fund will look to invest in private credit.
«Many wealthy individuals interested in moving to Hong Kong want to invest through established family office operators because they have the track record, experience and network,» commented Wings Capital partner Cliff Ip.
Migration Consultants
Wings Capital and its partner family office operators will also collaborate with migration consultants to help successful applicants settle in Hong Kong.
«The CIES applicants will need advice on property to establish their new homes, and also tips on schools for their children,» said Ip, who is a former PwC and J.P. Morgan executive. «Some may also want to set up family offices in Hong Kong to handle their succession planning, invest in art and wines. We can share our expertise and network with these newcomers.»
The revamped CIES was launched on March 1 and it requires individuals to invest at least HK$30 million ($3.8 million) in exchange for their family to obtain residency. According to government data, around 346 applications have been received with expectations of this resulting in over HK$10 billion of new investments.
