Hong Kong's Family Office Sector Sees Growth Amid Global Challenges

According to PANews, Hong Kong's Secretary for Financial Services and the Treasury, Christopher Hui, has stated that the complex global political and economic environment is benefiting Hong Kong's family office sector. The number of family offices establishing themselves in Hong Kong is expected to exceed 3,000 in the short term. The Hong Kong government is drafting amendments to allow tax exemptions for various assets, including private loans, virtual assets, and carbon credits. Additionally, efforts are underway to simplify the process for private equity funds to apply for tax incentives. The goal is to present these amendments to the Legislative Council next year, with the aim of having the regulations take effect retroactively on April 1, 2025.