Hong Kong has successfully attracted the Philippines’ Khos, who run a 40-year conglomerate, to set up a family office in the city.
The Kho family from the Philippines has set up a family office in Hong Kong, according to a statement by InvestHK – a local government department responsible for foreign direct investments.
The Filipino family established the The Kho Group (TKG) in 1983 which mainly covered five business: supply of natural resources, shipping business, land and property development, high-end retail and investment management.
«This move reflects our unwavering confidence in Hong Kong's status as a leading international financial center,» commented TKG executive vice president James Fok. «Through this new platform, we aim to effectively integrate resources, foster closer collaborations with family offices, and drive business growth and innovation. Together, we aspire to create new opportunities and pave the way for a dynamic and prosperous future.»
Hub Ambitions
Hong Kong has been vying to be a top hub for the ultra-rich and it announced in late 2022 that goal of attracting 200 large family offices to the city by 2025. According to a Deloitte report, Hong Kong was home to 2,703 single family offices as of end-2023.
«The establishment of the Kho's family office reaffirms Hong Kong's pivotal role within the global financial ecosystem,» added Jason Fong, global head of family office at InvestHK.
«We are confident that this initiative will attract increased international capital inflows, further strengthening Hong Kong's position as a leading global hub for asset and wealth management. Additionally, we will continue to welcome families from around the world to establish their family offices in Hong Kong.»
