Charles Ng: «Hong Kong on Track to Have 3,000 SFOs»
Government department InvestHK’s Charles Ng spoke to finews.asia about Hong Kong’s optimistic outlook as a wealth management hub with confidence in achieving the announced target of attracting at least 200 single family offices.
In recent years, numerous media headlines have spoken about the challenges of Hong Kong’s status as an international financial center, most notably the escalating US-China tensions. However, InvestHK associate director-general Charles Ng believes that Hong Kong has a myriad of strengths to attract global investors.
For example, the city continues to develop a comprehensive strategy to win over ultra-rich families. This includes a revamped investment migration program – New Capital Investment Entrant Scheme (New CIES) – with loosened requirements. The sustainable finance market is being enhanced with more green bond issuances, green fintech promotion and the launch of Core Climate, a carbon credit trading platform.
«To further consolidate Hong Kong's position as the world's premier wealth management center, we are now formulating additional tax incentive schemes for funds, single family offices (SFO), and carried interest,» Ng said in an interview with finews.asia. «Our plan is to engage with industry stakeholders this year, before submitting proposals to the Legislative Council for deliberation next year. If approved, the relevant measures will take effect from the 2025-26 financial year.»
Wealth for Good in Hong Kong Summit
On top of policy, the city in late March completed what it called the wealth and investment mega event week, which included the Wealth for Good in Hong Kong (WGHK) summit on March 26 organized by the Financial Services and the Treasury Bureau as well as InvestHK.
Over 400 participants from Asia, Europe, the Americas, the Middle East and Africa joined mainland and Hong Kong attendees at the third edition of the WGHK which is based on the broad theme of «Hong Kong of the World, for the World», highlighting the hub’s role as a connector, alongside three sub-themes including art and culture, philanthropy, and technology and artificial intelligence.
Attracting Family Offices
The efforts involved are part of a broader goal announced in 2022 by Hong Kong chief executive John Lee to attract 200 SFOs to set up in the city by the end of 2025.
According to a Deloitte report published in early 2024, Hong Kong is currently home to over 2,700 family offices. Ng noted that he and his team have assisted 160 family offices in establishing or expanding their operations in Hong Kong and nearly 150 more have expressed their intention to prepare for or have already decided to set up or expand their businesses.
«Hong Kong is on track to have 3,000 SFOs in the near future as more asset owners and investors flock to the city,» he concluded.
