In response to the declining status of Hong Kong as an international financial hub, expanding family offices (rich people setting up private companies to manage investment) has become one of the critical performance indicators (KPI’s) for the Hong Kong government.
With border clearance by China nowhere in sight, Hong Kong officials choose to find their investors in the Middle East. Senior hedge fund managers believe the financial industry will only become more challenging under the current political environment.
The policy address recently announced by the Hong Kong government mentioned that the government would implement measures to attract talent and enterprises. It also pointed out in the report that a bill will be proposed within the year to offer tax exemption for eligible family offices….