136 family offices eyeing setting up or expanding operations in Hong Kong: minister

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More than 130 family offices are currently eyeing setting up or expanding their operations in Hong Kong, with about three-fifths of the entities based in mainland China, the city’s treasury chief has said. Secretary for Financial Services and the Treasury Christopher Hui Ching-yu wrote in replies to lawmakers on Wednesday that 136 family offices had indicated they were preparing or had decided to set up or expand operations in the city as of the end of March. The tally included 82 based on the mainland, 27 from Europe, 13 from the rest of Asia, alongside nine located in the Middle East, as well as four in Oceania and one from North Africa, he said. The minister also revealed a dedicated team from InvestHK, the city’s investment promotion agency, helped 64 family offices set up or expand their operations in the city over the same period. Hui said the InvestHK team was confident it could achieve the target of helping at least 200 family offices to establish or expand their operations in Hong Kong by the end of 2025, a goal outlined in Chief Executive John Lee Ka-chiu’s 2022 policy address.