Hong Kong plans to host an “invitation-only” conference next month for some of the world’s richest family offices.
A Wealth for Good event in Hong Kong in late March will be aimed at representatives of the world’s richest families, according to three people familiar with the situation.
The meeting will target the largest family funds in the Middle East and China and a few funds from the US and Europe, two of the people said. Hong KongCEO John Lee.
The city competes with rival stronghold Singapore to control personal wealth. aim to restart the economy After three years of Covid-19 restrictions, talent drained and growth stifled. Hong Kong, which just reopened its border with mainland China last month, shrank her 3.5% in 2022, while Singapore grew her 3.6%.
The city government will allocate HK$100 million (US$12.7 million) and set up a steering committee focused on attracting family offices, Treasury Secretary Paul Chan on Wednesday outlined Hong Kong’s annual budget. Tax relief for first-time homebuyers.
“I think the government has realized that this is an area where they should work harder . . . says so.
“After the coronavirus situation normalized and many wealthy Chinese returned, their priority was…Hong Kong.”
A government spokesperson said details of the wealth management event “will be shared in due course.”
in him October Policy SpeechLee said Hong Kong will try to attract “more than 200 family offices” to expand or establish operations by the end of 2025. Assets of at least HK$240 million.
The city faces stiff competition from Singapore, where the number of family offices surged from a handful in 2018 to an estimated 1,500 last year, according to data analytics firm Handshakes.
Hong Kong also announced a number of policies on Wednesday to stimulate consumption after spending more than HK$600 billion on Covid containment and economic relief measures.
Mr Chan announced that HK$5,000 in spending vouchers will be distributed to more than 6 million adult residents in an attempt to contain a sharp rise in the deficit, which the government has estimated at HK$140 billion over 2022-23. half of the amount allocated last year. .
A sharp drop in land sales has slashed Hong Kong’s fiscal reserves to an estimated HK$817 billion, nearly a third of 2019’s pre-pandemic levels.
“Our economy is recovering . . . but the situation in the retail sector may not be the same,” Chan said. “We need to step up our recovery in the next round. [consumption vouchers] Uses less resources. ”
The government will also cut tax rates on first-time buyers of homes under HK$9 million to revive the sluggish property market. Last year’s house prices he fell 15.6%. sales fell 40%.
Chan expects the economy to expand by 3.5% to 5.5% this year, with annual GDP growth averaging 3.7% from 2024 to 2027, compared to an average of 2.8% in the decade before the pandemic. increase.