CHINESE OVERSEAS PRIVATE FUNDS ASSOCIATION 中资海外私募基金协会’s Post

For more than 100 years, Hong Kong has been a leading international hub for family wealth in Asia.  This vibrant global city, located in the heart of Asia, offers an extraordinary breadth and depth of investment opportunities; access to world-class financial infrastructures; excellent professional service providers; and unique advantages under the ‘One Country, Two Systems’ framework. This framework allows Hong Kong to exercise a high degree of autonomy while preserving its own economic, social, and common law system.  It is within these advantageous conditions that Hong Kong has become a ‘plug-and-play’ destination for family offices catering to wealthy families from Asia, Europe and around the world. One recent report by Deloitte estimates there are more than 2,700 single-family offices (SFOs) thriving in the region.  Now, in a move that will only serve to further cement its position as a global leader, Hong Kong has introduced alluring incentives for family offices and their investment activities. These include tax concessions, the new Capital Investment Entrant Scheme (CIES) and market facilitation measures. Read the full story now: https://buff.ly/4dzBhLE #PartnerContent

For such a long time, Hong Kong hasn't had a number dictating how many family offices are incorporated or based in the city. Finally, the city has its own data, according to a Deloitte survey commissioned by the Hong Kong government. * The study estimates that Hong Kong had more than 2,700 single-family offices based in the city last year *The single family offices managed at least $10 million, while 885 of them had at least $100 million in assets as of the end of last year * The city managed HK$30.5 trillion ($3.9 trillion) of assets as of the end of 2022, while boasting more than 12,500 ultra high-net-worth individuals The moves follow Chief Executive John Lee’s target of having 200 large family offices set up in the city by 2025.  Its long-time rival Singapore said around 1,400 single family offices have been awarded tax incentives as of Dec. 31. BUT need to make it clear: Not like Singapore, there is no requirement for single family office registration in HK. Deloitte's number is based on estimation. #hongkong #familyoffices #finance #wealth

#Singapore has become a significant hub for single-family offices (SFOs), which are vital sources of market #liquidity for the bustling city-state. "[The family office sector] has grown tremendously over the past couple of years," said Barbara Voskamp, partner at global law firm DLA Piper. Though this is welcomed by the government, the Monetary Authority of Singapore (MAS) has been careful to maintain quality standards for new registrations. SFOs must invest a portion of their assets in Singapore to give back to the local #economy. Yet the sector is booming like never before: according to a November 2023 Financial Times report, the global queue to establish a Singapore #familyoffice has reached a waiting time of 18 months. In response, regulatory authorities are reportedly exploring an update to the Variable Capital Company (VCC) scheme to help SFOs. Introduced in 2020, the VCC regime aims to enhance Singapore’s competitiveness in #wealthmanagement, particularly against jurisdictions like the Cayman Islands, #HongKong, and Luxembourg. VCCs are presently limited to licensed or registered fund managers, excluding SFOs, but this may change. As the sector matures, Singapore aims to attract more mature entities. The evolution of the VCC structure is likely to strengthen the existing trend, solidifying Singapore's position as a premier global financial hub. Article by Tom Burroughes for WealthbriefingAsia.com. Read more at the link below. Follow Straits Assets (Singapore) now for more curated insights! A Straits42 Group company. https://lnkd.in/gWR8YrZX

The conventional wisdom was that Singapore was in the lead in this category, but it seems not! Well done to #Deloitte and Patrick Yip and team for digging down into the numbers and shedding light on the actual landscape. #newlaw #familyoffice #HongKong #wealthhub www.dc-lo.com

~17% of Hong Kong’s public companies are worth more dead than alive. Many of these 23 sell at a discount to their tangible net worth and are drowning in or overflowing with liquid resources. All grew over the past decade. The link below provides access to recent annual reports & more for Hong Kong's public equity. https://lnkd.in/eGbEWjeE

Hong Kong - a city I adore! Our colleague and Ocorian's Head of APAC, Robin Harris, is featured in Citywire Asia talking about Hong Kong regaining its status as an international financial centre and boosting the Asian wealth management sector as a whole. Read the full story: #APAC #FamilyOffice #HongKong #WealthManagement

Landmark Family Office CEO, Cameron Harvey, has shared his insights in a recent article titled "Family offices: Singapore's pain could be Hong Kong's gain" by Yupu (Stanley) L. , published by Asian Private Banker. The article discusses the growing interest from market participants in establishing family offices in Hong Kong and the industry development trends in the Asia region. Cameron stated in the article: "A lot of people who were considering #Singapore are now coming back to Hong Kong, with some even looking at relocating their assets to #HongKong." For more detailed information, please refer to the full article: https://shorturl.at/gzEOR #LandmarkFamilyOffice #HongKong #WealthManagement #AssetManagement #FamilyOffice

The Hong Kong government could exceed a goal announced in 2022 to attract more than 200 large family offices to set up in the city by 2025 with the help of tax incentives for single family offices introduced in 2023 and capital investment entrant scheme (#CIES) launched in March. Invest Hong Kong -- a government agency responsible for foreign investment -- helped 64 family offices set up or expand from June 2021 through end-March. Another 136 family offices were in the pipeline as of end-March, mostly from mainland China, followed by Southeast Asia, Europe and Middle East. Hong Kong's tax incentives for single family offices and capital investment entrant schemes (CIES) could attract ultra-high-net-worth individuals to the city. Singapore has comparatively more stringent requirements on local business spending and the number of investment professionals required for larger-sized family offices to be eligible for tax concessions. More analysis available on BI <GO> #familyoffice #hongkong #assetwealth #Bloomberg Bloomberg Intelligence

As of the end of March, more than 130 family offices are poised to establish or expand operations in Hong Kong, with 64 already receiving support from FamilyOfficeHK. With incentives like the Capital Investment Entrant Scheme (CIES) and tax concessions for Family-owned Investment Holding Vehicles (FIHVs), Hong Kong offers an attractive environment for family offices. “The growing interest for establishing a family office in Hong Kong is a testament to the city’s status as an international finance centre,” says Alan Fong, Managing Director of Sovereign Trust (Hong Kong) Limited. Want to know more? Read on: https://bit.ly/4bdpIZH #SovereignGroup #HongKong #FamilyOffice #GlobalFinance #Investment #FinancialHub #WealthManagement

Hong Kong estimates to have over 2,700 single-family offices. The figures are based on a recently-launched Deloitte study commissioned by Invest Hong Kong to provide an estimate of the number of single-family offices in the city. https://bit.ly/4cmMGz5 #investhk #hongkong #familyoffice