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HSBC welcomes Hong Kong’s HK$100m bid to attract family office

Hong Kong is aiming to attract 200 family offices to set up shop in the city by 2025.

The head of HSBC’s family office advisory in the region welcomed Hong Kong’s latest announced family office incentives.

“We welcome the Hong Kong government’s latest announcement on family office incentives and believe these are integral to the city’s ambition to become a leading international family office hub,” Aik Ping Ng, head of family office advisory, Asia Pacific at HSBC Global Private Banking, said in a statement.

Ng said that the rapid growth of Asian wealth, coupled with ultra high net worth (UHNW) families’ intent to institutionalise and professionalise the management of their wealth, has spurred the development of Hong Kong’s family office ecosystem.

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In Hong Kong’s latest budget speech, financial secretary Paul Chan had announced that the government is investing HK$100m over the next three years to attract 200 of the world’s top family offices to set up shop in the city.

“Incentives like these will help strengthen Hong Kong's competitive edge and encourage new and existing family offices to expand their presence on the ground,” Ng said.

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